Granite Ridge Resources (NYSE:GRNT) Shares Gap Down Following Weak Earnings

Granite Ridge Resources, Inc. (NYSE:GRNT) gapped down before the market opened on Friday following a weaker than expected 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.

The company reported $0.01 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $120.76 million.

Granite Ridge Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.8%. Granite Ridge Resources’s payout ratio is presently 157.14%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Granite Ridge Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce”.

Insider Activity

In related news, Director John Mccartney acquired 5,000 shares of the company’s stock in a transaction on Monday, December 8th. The shares were acquired at an average cost of $5.26 per share, for a total transaction of $26,300.00. Following the purchase, the director owned 113,117 shares in the company, valued at approximately $594,995.42. The trade was a 4.62% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 8.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Granite Ridge Resources

Several institutional investors and hedge funds have recently modified their holdings of the business. State of Alaska Department of Revenue purchased a new stake in Granite Ridge Resources during the third quarter valued at about $26,000. Osaic Holdings Inc. increased its position in Granite Ridge Resources by 264.2% during 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 period. EverSource Wealth Advisors LLC raised its holdings in 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 worth $36,000 after purchasing an additional 5,492 shares in the last quarter. First Horizon Corp purchased a new stake in shares of Granite Ridge Resources in the 4th quarter worth about $35,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Granite Ridge Resources by 103.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,133 shares of the company’s stock valued at $58,000 after purchasing an additional 4,635 shares in the last quarter. Hedge funds and other institutional investors own 31.56% of the company’s stock.

Granite Ridge Resources Price Performance

The firm has a market cap of $657.56 million, a P/E ratio of 27.83, a price-to-earnings-growth ratio of 2.62 and a beta of 0.34. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.41 and a quick ratio of 1.41. The firm’s 50 day moving average is $4.84 and its 200 day moving average is $5.13.

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.