Granite Ridge Resources (NYSE:GRNT) Shares Gap Down After Earnings Miss

Granite Ridge Resources, Inc. (NYSE:GRNT)’s share price gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $5.34, but opened at $4.70. Granite Ridge Resources shares last traded at $5.07, with a volume of 306,226 shares traded.

The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09). Granite Ridge Resources had a net margin of 5.41% and a return on equity of 8.79%. The company had revenue of $105.49 million for the quarter, compared to the consensus estimate of $120.76 million.

Granite Ridge Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.8%. The ex-dividend date is Friday, February 27th. Granite Ridge Resources’s dividend payout ratio (DPR) is currently 244.44%.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 26th. One 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, the stock presently has an average rating of “Reduce”.

Insider Buying and Selling at Granite Ridge Resources

In other Granite Ridge Resources news, Director John Mccartney acquired 5,000 shares of the stock in a transaction dated Monday, December 8th. The stock was purchased at an average price of $5.26 per share, with a total value of $26,300.00. Following the transaction, the director directly owned 113,117 shares of the company’s stock, valued at $594,995.42. This trade represents a 4.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 8.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Granite Ridge Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue acquired a new stake in Granite Ridge Resources in the third quarter worth about $26,000. Osaic Holdings Inc. raised its position in shares of Granite Ridge Resources by 264.2% in the 2nd quarter. Osaic Holdings Inc. now owns 5,506 shares of the company’s stock valued at $35,000 after purchasing an additional 3,994 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Granite Ridge Resources by 2,398.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,721 shares of the company’s stock valued at $36,000 after purchasing an additional 5,492 shares during the last quarter. First Horizon Corp acquired a new stake in Granite Ridge Resources in the 4th quarter worth approximately $35,000. Finally, Tower Research Capital LLC TRC boosted its stake in Granite Ridge Resources by 103.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock worth $58,000 after purchasing an additional 4,635 shares in the last quarter. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

Granite Ridge Resources Stock Performance

The firm’s 50-day simple moving average is $4.84 and its two-hundred day simple moving average is $5.13. The company has a market cap of $657.56 million, a PE ratio of 27.83, a P/E/G ratio of 2.46 and a beta of 0.34. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.47.

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.