Granite Ridge Resources (GRNT) to Release Quarterly Earnings on Thursday

Granite Ridge Resources (NYSE:GRNT) will be posting its quarterly earnings results after the market closes on Thursday, August 8th. Analysts expect Granite Ridge Resources to post earnings of $0.15 per share for the quarter. Investors that are interested in participating in the company’s conference call can do so using this link.

Granite Ridge Resources (NYSE:GRNT) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). The firm had revenue of $89.00 million during the quarter. Granite Ridge Resources had a net margin of 15.43% and a return on equity of 14.35%. On average, analysts expect Granite Ridge Resources to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Granite Ridge Resources Stock Performance

Granite Ridge Resources stock opened at $5.99 on Wednesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.55 and a current ratio of 2.55. Granite Ridge Resources has a fifty-two week low of $5.20 and a fifty-two week high of $8.14. The stock has a market cap of $783.16 million, a P/E ratio of 13.31, a PEG ratio of 6.64 and a beta of 0.20. The firm’s fifty day moving average price is $6.45 and its 200-day moving average price is $6.31.

Granite Ridge Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 7.35%. The ex-dividend date of this dividend was Friday, May 31st. Granite Ridge Resources’s payout ratio is 97.78%.

Analyst Ratings Changes

A number of research firms have commented on GRNT. Roth Capital raised shares of Granite Ridge Resources to a “strong-buy” rating in a research note on Wednesday, May 15th. Roth Mkm initiated coverage on Granite Ridge Resources in a research note on Wednesday, May 15th. They issued a “buy” rating and a $8.80 target price on the stock. Bank of America reaffirmed a “neutral” rating and set a $7.00 price target on shares of Granite Ridge Resources in a research note on Friday, June 14th. Finally, Evercore ISI started coverage on Granite Ridge Resources in a research report on Monday, April 29th. They set an “in-line” rating and a $8.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $7.95.

Insider Buying and Selling

In related news, Director Thaddeus Darden acquired 7,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were purchased at an average price of $5.90 per share, for a total transaction of $41,300.00. Following the completion of the acquisition, the director now owns 221,156 shares in the company, valued at $1,304,820.40. The purchase was disclosed in a filing with the SEC, which is available at this link. In other news, Director Matthew Reade Miller purchased 7,700 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was bought at an average cost of $6.50 per share, for a total transaction of $50,050.00. Following the acquisition, the director now directly owns 666,075 shares of the company’s stock, valued at approximately $4,329,487.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thaddeus Darden purchased 7,000 shares of the company’s stock in a transaction on Friday, June 14th. The shares were purchased at an average cost of $5.90 per share, with a total value of $41,300.00. Following the transaction, the director now directly owns 221,156 shares in the company, valued at $1,304,820.40. The disclosure for this purchase can be found here. Insiders have acquired a total of 31,200 shares of company stock worth $194,135 in the last 90 days. 1.90% of the stock is owned by company insiders.

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.