Granite Ridge Resources Inc reports results for the quarter ended June 30 - Earnings Summary

• Granite Ridge Resources Inc GRNT.N reported quarterly adjusted earnings of 11 cents​​ per share for the quarter ended June 30, lower than the same quarter last year, when the company reported EPS of 13 cents. The mean expectation of five analysts for the quarter was for earnings of 13 cents per share. Wall Street expected results to range from 7 cents to 16 cents per share.

• Revenue rose 20.5% to $109.22 million from a year ago; analysts expected $109.84 million.

• Granite Ridge Resources Inc's reported EPS for the quarter was 19 cents​.

• The company reported quarterly net income of $25.08 million.

• Granite Ridge Resources Inc shares had fallen by 23.4% this quarter and lost 24.5% so far this year.

FORECAST CHANGES

• The mean earnings estimate of analysts had fallen by about 20.6% in the last three months.​

• In the last 30 days, there have been no negative revisions of earnings estimates

RECOMMENDATIONS

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy," 3 "hold" and no "sell" or "strong sell." The average consensus recommendation for the oil & gas exploration and production peer group is also "buy"

• Wall Street's median 12-month price target for Granite Ridge Resources Inc is $7.40, about 34.1% above its last closing price of $4.88

This summary was machine generated from LSEG data August 8 at 05:13 a.m. UTC. ​All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)