Granite Ridge Resources Inc. (NYSE: GRNT) stock jumped 0.52% on Friday to $5.75 against a previous-day closing price of $5.72. With 1.7 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.38 million shares. During the session, the Oil & Gas E&P company that operates in wider Energy sector, reached to the highest price of $5.80 whereas the lowest price it dropped to was $5.55. The 52-week range on GRNT shows that it touched its highest point at $14.00 and its lowest point at $4.82 during that stretch. It currently has a 1-year price target of $9.00. With its current market cap of 771.30 million, GRNT has annualized dividend of $0.44 while the current yield stands at 7.65%. Beta for the stock currently stands at 0.08.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of GRNT was down-trending over the past week, with a drop of -23.33%, but this was down by -23.23% over a month. Three-month performance dropped to -9.73% while six-month performance rose 14.09%. The stock lost -42.27% in the past year, while it has lost -36.32% so far this year. A look at the trailing 12-month EPS for GRNT yields 1.39 with Next year EPS estimates of 1.02. For the next quarter, that number is 0.25. This implies an EPS growth rate of 141.90% for this year and 9.48% for next year.
Float and Shares Shorts:
At present, 132.87 million GRNT shares are outstanding with a float of 54.94 million shares on hand for trading. On Aug 30, 2023, short shares totaled 0.79 million, which was 0.59% higher than short shares on Jul 30, 2023. In addition to Mr. Luke C. Brandenberg as the firm’s Pres & CEO, Mr. Tyler S. Farquharson serves as its Chief Financial Officer.
Through their ownership of 4.35% of GRNT’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 33.39% of GRNT, in contrast to 2.52% held by mutual funds. Shares owned by individuals account for 2.50%. As the largest shareholder in GRNT with 0.97% of the stake, The Vanguard Group, Inc. holds 1,310,147 shares worth 1,310,147. A second-largest stockholder of GRNT, BlackRock Fund Advisors, holds 1,226,775 shares, controlling over 0.91% of the firm’s shares. Zazove Associates LLC is the third largest shareholder in GRNT, holding 1,044,274 shares or 0.77% stake. With a 0.75% stake in GRNT, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 1,004,600 shares are owned by the mutual fund manager. The iShares Russell 2000 ETF, which owns about 0.36% of GRNT stock, is the second-largest Mutual Fund holder. It holds 481,872 shares valued at 3.57 million. iShares Russell 2000 Value ETF holds 0.17% of the stake in GRNT, owning 234,317 shares worth 1.73 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, GRNT reported revenue of $2.42M and operating income of $1.23M. The EBITDA in the recently reported quarter was $1.90M and diluted EPS was $0.70.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for GRNT since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With GRNT analysts setting a high price target of $9.00 and a low target of $9.00, the average target price over the next 12 months is $9.00. Based on these targets, GRNT could surge 56.52% to reach the target high and rise by 56.52% to reach the target low. Reaching the average price target will result in a growth of 56.52% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded GRNT stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 43 while that of sell transactions has risen to 4 over the past year. The total number of shares bought during that period was 1,815,644 while 13,012,196 shares were sold.