GRNT FY2024 EPS Estimate Decreased by Capital One Financial

Granite Ridge Resources, Inc. (NYSE:GRNT) – Equities research analysts at Capital One Financial decreased their FY2024 earnings per share estimates for shares of Granite Ridge Resources in a note issued to investors on Monday, November 18th. Capital One Financial analyst P. Johnston now expects that the company will earn $0.51 per share for the year, down from their prior estimate of $0.52. The consensus estimate for Granite Ridge Resources’ current full-year earnings is $0.55 per share. Capital One Financial also issued estimates for Granite Ridge Resources’ Q4 2024 earnings at $0.12 EPS.

Separately, Evercore ISI decreased their target price on shares of Granite Ridge Resources from $8.00 to $7.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th.

Granite Ridge Resources Stock Down 1.8 %

Granite Ridge Resources stock opened at $6.49 on Wednesday. The stock’s 50 day moving average price is $6.17 and its 200 day moving average price is $6.33. Granite Ridge Resources has a 1-year low of $5.20 and a 1-year high of $7.10. The company has a market cap of $848.53 million, a PE ratio of 18.03, a price-to-earnings-growth ratio of 1.68 and a beta of 0.19. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.56.

Granite Ridge Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 6.78%. The ex-dividend date of this dividend is Friday, November 29th. Granite Ridge Resources’s payout ratio is currently 122.22%.

Insider Buying and Selling

In related news, Director Matthew Reade Miller acquired 8,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was purchased at an average cost of $5.97 per share, for a total transaction of $50,745.00. Following the transaction, the director now directly owns 692,496 shares of the company’s stock, valued at approximately $4,134,201.12. This trade represents a 1.24 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Luke C. Brandenberg bought 5,000 shares of Granite Ridge Resources stock in a transaction that occurred on Friday, November 15th. The stock was bought at an average cost of $6.50 per share, for a total transaction of $32,500.00. Following the purchase, the chief executive officer now owns 96,633 shares in the company, valued at $628,114.50. This represents a 5.46 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 25,495 shares of company stock valued at $158,564. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Granite Ridge Resources

Hedge funds have recently bought and sold shares of the stock. Barclays PLC boosted its stake in shares of Granite Ridge Resources by 306.9% during the third quarter. Barclays PLC now owns 81,092 shares of the company’s stock valued at $482,000 after acquiring an additional 61,162 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Granite Ridge Resources by 35.1% in the third quarter. Geode Capital Management LLC now owns 1,221,579 shares of the company’s stock valued at $7,258,000 after buying an additional 317,303 shares during the last quarter. State Street Corp lifted its stake in shares of Granite Ridge Resources by 1.4% during the third quarter. State Street Corp now owns 887,319 shares of the company’s stock valued at $5,271,000 after buying an additional 12,607 shares during the period. Janus Henderson Group PLC boosted its position in Granite Ridge Resources by 40.0% during the third quarter. Janus Henderson Group PLC now owns 76,549 shares of the company’s stock worth $455,000 after acquiring an additional 21,852 shares during the last quarter. Finally, PDT Partners LLC acquired a new stake in Granite Ridge Resources during the third quarter worth approximately $281,000. Hedge funds and other institutional investors own 31.56% of the company’s stock.

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.