Granite Ridge Resources (NYSE:GRNT) Releases Quarterly Earnings Results, Misses Expectations By $0.09 EPS

Granite Ridge Resources (NYSE:GRNT) announced its quarterly earnings data on Thursday. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.09), FiscalAI reports. The firm had revenue of $105.49 million for the quarter, compared to the consensus estimate of $120.76 million. Granite Ridge Resources had a net margin of 5.41% and a return on equity of 8.79%.

Granite Ridge Resources Stock Down 6.2%

Shares of NYSE GRNT opened at $5.01 on Friday. The stock has a market capitalization of $657.56 million, a price-to-earnings ratio of 27.83, a P/E/G ratio of 2.62 and a beta of 0.34. Granite Ridge Resources has a 12-month low of $4.18 and a 12-month high of $6.72. The firm’s 50-day moving average price is $4.84 and its 200-day moving average price is $5.13. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.47.

Granite Ridge Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, February 27th. This represents a $0.44 annualized dividend and a yield of 8.8%. Granite Ridge Resources’s dividend payout ratio (DPR) is 157.14%.

Insider Buying and Selling

In other news, Director John Mccartney acquired 5,000 shares of the business’s stock in a transaction on Monday, December 8th. The shares were acquired at an average price of $5.26 per share, for a total transaction of $26,300.00. Following the completion of the transaction, the director directly owned 113,117 shares of the company’s stock, valued at approximately $594,995.42. The trade was a 4.62% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.50% of the stock is owned by insiders.

Institutional Trading of Granite Ridge Resources

Several institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. boosted its position in shares of Granite Ridge Resources by 12.5% during the fourth quarter. Invesco Ltd. now owns 135,079 shares of the company’s stock valued at $635,000 after buying an additional 14,966 shares during the period. Corient Private Wealth LLC lifted its stake in shares of Granite Ridge Resources by 29.1% during the 4th quarter. Corient Private Wealth LLC now owns 20,326 shares of the company’s stock worth $96,000 after acquiring an additional 4,587 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in shares of Granite Ridge Resources by 10.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 28,051 shares of the company’s stock worth $132,000 after acquiring an additional 2,596 shares during the last quarter. Zazove Associates LLC purchased a new position in Granite Ridge Resources during the 4th quarter valued at $3,210,000. Finally, VARCOV Co. purchased a new position in Granite Ridge Resources during the 4th quarter valued at $405,000. Institutional investors own 31.56% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 26th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Granite Ridge Resources presently has an average rating of “Reduce”.

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.