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Granite Ridge Resources (GRNT)
NYSE:GRNT
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Earnings Data
Report Date
Apr 01, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.14Last Year’s EPS
$0.12Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 07, 2024
|% Change Since: -0.69%
|Next Earnings Date:Apr 01, 2025
Earnings Call Sentiment|Positive
The earnings call revealed strong performance exceeding expectations, significant cost improvements, and strategic growth plans, particularly in the Controlled Capital program. However, there were concerns about declining realized pricing and potential gas production decline.Company Guidance
In the third quarter earnings call for Granite Ridge Resources, key guidance highlights included exceeding internal expectations with production outperforming targets by approximately 15% and capital expenditures (CapEx) coming in about 15% under budget. The Controlled Capital program, accounting for nearly 50% of CapEx in 2024 and projected to increase to 60% in 2025, was emphasized as a significant driver of success. During the quarter, the company closed over a dozen transactions, adding nearly 16 net locations with a total future development capital requirement of $125 million. The company's average daily production reached 25,200 Boe per day, marking a 9% increase over the previous quarter. The oil percentage of production rose to 50%, reflecting a 16% increase in volumes. For 2025, the company anticipates mid-teens production growth, primarily driven by oil, with an oil weighting in the low-50% range. Financial metrics included a net income of $9.1 million or $0.07 per share, and adjusted EBITDAX of $75.4 million, a 10% increase from the prior quarter, despite a 6% decline in realized pricing.Exceeded Internal Expectations
Third quarter results surpassed internal expectations due to successful deal sourcing, underwriting, and operational excellence.
Controlled Capital Program Success
Production exceeded targets by approximately 15% and CapEx was 15% under budget. Inventory includes over 40 net locations in the Permian for future development.
Increased Production
Average daily production increased by 9% from the second quarter and 5% from the third quarter last year. Oil volumes rose by 16% from the prior quarter.
Significant Cost Improvements
Per unit lease operating costs improved by 14% to $5.62 per Boe, and G&A expenses improved by 25%.
Continued Dividend Payments
Paid a $0.11 per share cash dividend in the third quarter, with another declared for the fourth quarter, representing a 6.9% yield.
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GRNT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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GRNT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 07, 2024 | $6.23 | $6.40 | +2.73% |
| Aug 08, 2024 | $6.00 | $5.87 | -2.17% |
| May 09, 2024 | $6.25 | $6.03 | -3.52% |
| Mar 07, 2024 | $5.77 | $5.63 | -2.43% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Granite Ridge Resources (GRNT) report earnings?
Granite Ridge Resources (GRNT) is schdueled to report earning on Apr 01, 2025, TBA Not Confirmed.
What is Granite Ridge Resources (GRNT) earnings time?
Granite Ridge Resources (GRNT) earnings time is at Apr 01, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is GRNT EPS forecast?
GRNT EPS forecast for the fiscal quarter 2024 (Q4) is $0.14.
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