Granite Ridge Resources (NYSE:GRNT) Announces Quarterly Earnings Results

Key Points

• Granite Ridge Resources beat quarterly expectations: EPS came in at $0.09 versus the $0.08 consensus, while revenue of $149.27 million exceeded estimates of $139.44 million. However, the company posted a negative net margin of 5.56%.
• The stock rose 4.6% to $4.87 following the results. Granite Ridge also declared a quarterly dividend of $0.11, equivalent to $0.44 annually and a roughly 9% yield.
• Analyst sentiment remains divided: the stock has an average “Hold” rating and a $10 price target, while insiders recently purchased shares and institutional investors own 31.56% of the company.

Granite Ridge Resources (NYSE:GRNT - Get Free Report) announced its quarterly earnings data on Thursday. The company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.01, Zacks reports. The firm had revenue of $149.27 million for the quarter, compared to analyst estimates of $139.44 million. Granite Ridge Resources had a positive return on equity of 4.60% and a negative net margin of 5.56%.

Granite Ridge Resources Trading Up 4.6%

NYSE:GRNT traded up $0.21 during mid-day trading on Friday, hitting $4.87. The company had a trading volume of 1,425,825 shares, compared to its average volume of 712,207. Granite Ridge Resources has a fifty-two week low of $4.18 and a fifty-two week high of $6.14. The business's fifty day moving average is $4.67 and its two-hundred day moving average is $5.08. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $642.75 million, a P/E ratio of -23.20 and a beta of 0.20.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 28th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $0.44 annualized dividend and a yield of 9.0%. Granite Ridge Resources's dividend payout ratio is presently -176.00%.

Insider Buying and Selling

In other news, Director Griffin Perry acquired 100,000 shares of the firm's stock in a transaction that occurred on Monday, May 18th. The stock was purchased at an average price of $5.49 per share, for a total transaction of $549,000.00. Following the completion of the acquisition, the director owned 1,163,903 shares in the company, valued at $6,389,827.47. This trade represents a 9.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Ronald Kyle Kettler bought 6,000 shares of the stock in a transaction on Wednesday, May 27th. The stock was purchased at an average cost of $5.08 per share, with a total value of $30,480.00. Following the purchase, the chief financial officer directly owned 129,276 shares of the company's stock, valued at approximately $656,722.08. This represents a 4.87% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 148,780 shares of company stock valued at $798,208 over the last 90 days. 8.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Several institutional investors and hedge funds have recently made changes to their positions in GRNT. Osaic Holdings Inc. raised its stake in Granite Ridge Resources by 264.2% during the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company's stock worth $35,000 after buying an additional 3,994 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Granite Ridge Resources by 2,398.3% during the second quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company's stock worth $36,000 after acquiring an additional 5,492 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in Granite Ridge Resources by 103.0% in the second quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company's stock valued at $58,000 after acquiring an additional 4,635 shares during the period. OpenArc Corporate Advisory LLC acquired a new position in Granite Ridge Resources in the fourth quarter valued at about $52,000. Finally, Wilmington Savings Fund Society FSB increased its holdings in shares of Granite Ridge Resources by 35.5% in the third quarter. Wilmington Savings Fund Society FSB now owns 11,499 shares of the company's stock worth $62,000 after acquiring an additional 3,010 shares in the last quarter. Institutional investors and hedge funds own 31.56% of the company's stock.

Wall Street Analysts Forecast Growth

GRNT has been the subject of a number of recent research reports. Weiss Ratings downgraded Granite Ridge Resources from a "hold (c)" rating to a "sell (d+)" rating in a research report on Friday, May 22nd. Northland Securities initiated coverage on Granite Ridge Resources in a report on Wednesday, July 8th. They issued an "outperform" rating and a $9.00 price target on the stock. Zacks Research lowered Granite Ridge Resources from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 22nd. Stephens dropped their price objective on Granite Ridge Resources from $12.00 to $11.00 and set an "overweight" rating for the company in a report on Friday, May 8th. Finally, Wall Street Zen downgraded shares of Granite Ridge Resources from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Two investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $10.00.

About Granite Ridge Resources

Granite Ridge Resources, Inc operates as a non-operated oil and gas exploration and production company. It owns a portfolio of wells and acreage across the Permian and other unconventional basins in the United States. Granite Ridge Resources, Inc is based in Dallas, Texas.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source