Capital One Financial Equities Analysts Boost Earnings Estimates for Granite Ridge Resources, Inc. (NYSE:GRNT)

Posted by Defense World Staff on Oct 6th, 2023

Granite Ridge Resources, Inc. (NYSE:GRNT – Free Report) – Capital One Financial upped their Q3 2023 EPS estimates for Granite Ridge Resources in a research report issued on Tuesday, October 3rd. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $0.27 per share for the quarter, up from their prior estimate of $0.25. The consensus estimate for Granite Ridge Resources’ current full-year earnings is $0.93 per share. Capital One Financial also issued estimates for Granite Ridge Resources’ Q4 2023 earnings at $0.30 EPS, FY2023 earnings at $0.96 EPS, Q1 2024 earnings at $0.26 EPS, Q2 2024 earnings at $0.26 EPS, Q3 2024 earnings at $0.27 EPS, Q4 2024 earnings at $0.28 EPS and FY2024 earnings at $1.07 EPS.

Separately, Stephens initiated coverage on Granite Ridge Resources in a research report on Tuesday, September 26th. They set an “overweight” rating and a $8.00 target price on the stock.

Read Our Latest Stock Analysis on Granite Ridge Resources

Granite Ridge Resources Stock Performance

NYSE GRNT opened at $5.77 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.97 and a quick ratio of 1.97. The company has a fifty day simple moving average of $6.94 and a 200 day simple moving average of $6.42. Granite Ridge Resources has a 12-month low of $4.82 and a 12-month high of $14.00.

Granite Ridge Resources (NYSE:GRNT – Get Free Report) last issued its earnings results on Thursday, August 10th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. The firm had revenue of $87.56 million for the quarter. Granite Ridge Resources had a net margin of 37.61% and a return on equity of 24.71%.

Granite Ridge Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were paid a $0.11 dividend. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $0.44 dividend on an annualized basis and a yield of 7.63%.

Insiders Place Their Bets

In other news, major shareholder Grep Gp Iii, Llc sold 8,165,000 shares of the stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $5.00, for a total transaction of $40,825,000.00. Following the sale, the insider now directly owns 16,800,468 shares of the company’s stock, valued at approximately $84,002,340. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, major shareholder Grep Gp Iii, Llc sold 8,165,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $5.00, for a total transaction of $40,825,000.00. Following the sale, the insider now directly owns 16,800,468 shares of the company’s stock, valued at approximately $84,002,340. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Luke C. Brandenberg bought 10,000 shares of Granite Ridge Resources stock in a transaction dated Friday, September 15th. The stock was purchased at an average cost of $5.00 per share, with a total value of $50,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 49,820 shares in the company, valued at approximately $249,100. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Barclays PLC grew its holdings in shares of Granite Ridge Resources by 507.6% in the 2nd quarter. Barclays PLC now owns 5,225 shares of the company’s stock worth $35,000 after purchasing an additional 4,365 shares during the last quarter. Citigroup Inc. acquired a new stake in shares of Granite Ridge Resources in the second quarter valued at approximately $51,000. California State Teachers Retirement System bought a new position in Granite Ridge Resources in the second quarter valued at approximately $57,000. Wells Fargo & Company MN increased its stake in shares of Granite Ridge Resources by 9,620.8% in the second quarter. Wells Fargo & Company MN now owns 9,818 shares of the company’s stock valued at $65,000 after buying an additional 9,717 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Granite Ridge Resources in the 1st quarter worth about $67,000. Institutional investors and hedge funds own 7.56% of the company’s stock.

About Granite Ridge Resources

(Get Free Report)

Granite Ridge Resources, Inc is an infrastructure firm and operates as a non-operated oil and gas exploration and production company. The firm invests in a diversified portfolio of production and top-tier acreage across the Permian and four other prolific US basins in partnership with operators. Granite Ridge Resources, Inc is headquartered in Dallas, Texas.