Brokers

Brokers Set Expectations for Granite Ridge Resources, Inc.’s Q2 2024 Earnings (NYSE:GRNT)


Granite Ridge Resources, Inc. (NYSE:GRNTFree Report) – Investment analysts at Roth Capital issued their Q2 2024 earnings estimates for Granite Ridge Resources in a report issued on Wednesday, May 15th. Roth Capital analyst J. White forecasts that the company will post earnings of $0.15 per share for the quarter. Roth Capital has a “Strong-Buy” rating on the stock. The consensus estimate for Granite Ridge Resources’ current full-year earnings is $0.61 per share. Roth Capital also issued estimates for Granite Ridge Resources’ Q3 2024 earnings at $0.16 EPS, Q4 2024 earnings at $0.16 EPS, FY2024 earnings at $0.58 EPS, Q1 2025 earnings at $0.21 EPS, Q2 2025 earnings at $0.18 EPS, Q3 2025 earnings at $0.22 EPS, Q4 2025 earnings at $0.24 EPS and FY2025 earnings at $0.84 EPS.

A number of other research firms have also recently weighed in on GRNT. Evercore ISI assumed coverage on shares of 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. Roth Mkm assumed coverage on shares of Granite Ridge Resources in a research report on Wednesday. They set a “buy” rating and a $8.80 price objective on the stock. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Granite Ridge Resources has a consensus rating of “Buy” and a consensus price target of $8.45.

Read Our Latest Analysis on GRNT

Granite Ridge Resources Stock Performance

GRNT stock opened at $6.47 on Friday. The company has a quick ratio of 2.44, a current ratio of 2.55 and a debt-to-equity ratio of 0.20. Granite Ridge Resources has a twelve month low of $5.13 and a twelve month high of $8.14. The stock has a market capitalization of $845.23 million, a price-to-earnings ratio of 14.37 and a beta of 0.20. The firm’s fifty day simple moving average is $6.48 and its two-hundred day simple moving average is $6.11.

Granite Ridge Resources (NYSE:GRNTGet Free Report) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). Granite Ridge Resources had a return on equity of 14.35% and a net margin of 15.43%. The business had revenue of $89.00 million during the quarter.

Granite Ridge Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.81%. The ex-dividend date is Friday, May 31st. Granite Ridge Resources’s dividend payout ratio is currently 97.78%.

Insider Activity

In other Granite Ridge Resources news, CFO Tyler Farquharson acquired 5,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was bought at an average cost of $6.20 per share, with a total value of $31,000.00. Following the completion of the purchase, the chief financial officer now directly owns 68,037 shares in the company, valued at $421,829.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders purchased 14,250 shares of company stock valued at $88,440. 1.90% of the stock is currently owned by company insiders.

Institutional Trading of Granite Ridge Resources

Hedge funds have recently modified their holdings of the company. Trexquant Investment LP acquired a new position in shares of Granite Ridge Resources during the third quarter valued at about $787,000. Howard Financial Services LTD. increased its holdings in shares of Granite Ridge Resources by 3.8% during the fourth quarter. Howard Financial Services LTD. now owns 52,621 shares of the company’s stock valued at $317,000 after acquiring an additional 1,917 shares in the last quarter. DGS Capital Management LLC acquired a new position in shares of Granite Ridge Resources during the fourth quarter valued at about $100,000. Hamilton Lane Advisors LLC increased its holdings in shares of Granite Ridge Resources by 122.2% during the third quarter. Hamilton Lane Advisors LLC now owns 8,410,844 shares of the company’s stock valued at $51,306,000 after acquiring an additional 4,625,595 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Granite Ridge Resources during the third quarter valued at about $9,368,000. 31.56% of the stock is owned by hedge funds and other institutional investors.

About Granite Ridge Resources

(Get Free Report)

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.

Recommended Stories

Earnings History and Estimates for Granite Ridge Resources (NYSE:GRNT)



Receive News & Ratings for Granite Ridge Resources Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Granite Ridge Resources and related companies with MarketBeat.com’s FREE daily email newsletter.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
SUBSCRIBE TO OUR NEWSLETTER

Get our latest downloads and information first. Complete the form below to subscribe to our weekly newsletter.


    Input this code: captcha