Granite Ridge Resources, Inc
- Open
- 4.61
- Day high
- 4.73
- Day low
- 4.59
- Prev close
- 4.56
- Volume
- 499K
- Mkt cap
- $616M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.1
- P/S
- 1.4
- Yield
- 9.42%
- Per share
- $0.44
- ▲Insiders net buying $844K over the last 3 months (10 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Granite Ridge Resources, Inc (GRNT) is a Energy company listed on NYSE. The stock is down 13% over the past year. Over the trailing 3 months, insiders filed 10 open-market buys and 0 sales (SEC Form 4).
Granite Ridge Resources, Inc (GRNT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GRNT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | $0.09 | $0.02 | -77.8% | $128M | +1.3% |
| Mar 6, 2026 | $0.09 | $0.01 | -89.2% | $105M | -9.6% |
| Nov 6, 2025 | $0.14 | $0.09 | -35.7% | $113M | -6.7% |
| Aug 7, 2025 | $0.13 | $0.11 | -15.4% | $109M | -3.5% |
| May 8, 2025 | $0.20 | $0.22 | +10.0% | $123M | +12.1% |
| Mar 6, 2025 | $0.14 | $0.17 | +21.4% | $106M | -8.3% |
| Nov 7, 2024 | $0.14 | $0.14 | +0.0% | $94M | -7.2% |
| Aug 8, 2024 | $0.14 | $0.13 | -7.1% | $91M | -6.7% |
| May 9, 2024 | $0.10 | $0.12 | +20.0% | $89M | +1.3% |
| Mar 7, 2024 | $0.19 | $0.20 | +5.3% | $107M | +1.4% |
| Nov 9, 2023 | $0.25 | $0.21 | -16.0% | $108M | +4.5% |
| Aug 10, 2023 | $0.17 | $0.19 | +11.8% | $82M | — |
GRNT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Miller Matthew Readedirector | Grant | 4,252 | — |
| Jun 16, 2026 | Miller Matthew Readedirector | Buy | 696 | $4.97 |
| Jun 11, 2026 | MCCARTNEY JOHNdirector | Buy | 4,000 | $4.96 |
| Jun 9, 2026 | Miller Matthew Readedirector | Buy | 10,600 | $4.75 |
| May 29, 2026 | Kettler Ronald Kyleofficer: Chief Financial Officer | Buy | 6,000 | $5.08 |
| May 22, 2026 | MCCARTNEY JOHNdirector | Buy | 4,000 | $5.54 |
| May 20, 2026 | MCCARTNEY JOHNdirector | Buy | 3,000 | $5.81 |
| May 18, 2026 | Perry Griffindirector | Buy | 100,000 | $5.49 |
| May 14, 2026 | Everard Michele Jdirector | Buy | 1,000 | $5.28 |
| May 13, 2026 | Miller Matthew Readedirector | Buy | 18,180 | $5.21 |
| May 13, 2026 | Farquharson Tylerofficer: President and CEO | Buy | 10,000 | $5.15 |
| Apr 2, 2026 | Miller Matthew Readedirector | Grant | 3,194 | — |
| Mar 16, 2026 | MCCARTNEY JOHNdirector | Buy | 5,000 | $5.16 |
| Mar 16, 2026 | Kettler Ronald Kyleofficer: Chief Financial Officer | Buy | 3,000 | $5.17 |
| Mar 12, 2026 | MCCARTNEY JOHNdirector | Buy | 2,000 | $5.12 |
Source: GRNT SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full GRNT insider & 13F page →Granite Ridge Resources, Inc company profile
Overview
Granite Ridge Resources, Inc. (NYSE:GRNT) is a Dallas-based energy company that went public in November 2020, specializing in oil and natural gas exploration and production investments. The company operates as both a traditional non-operated partner and through controlled capital partnerships, focusing primarily on major U.S. shale plays including the Permian Basin's Midland and Delaware formations, along with positions in the Bakken, Eagle Ford, DJ Basin, and Haynesville regions. Founded as an investment vehicle for oil and gas assets, Granite Ridge has evolved from a purely non-operated model to increasingly emphasize operated partnerships where it maintains greater control over development timing and capital allocation decisions.
Business
Granite Ridge Resources operates in the upstream oil and natural gas sector, which involves the exploration, development, and production of crude oil and natural gas from underground reservoirs. The company's business model centers on acquiring working interests in oil and gas wells across proven shale formations in the United States. The company operates through two primary business segments. **Traditional Non-Operated Investments** represent the legacy business model where Granite Ridge purchases minority working interests in wells operated by other companies, typically ranging from 1-10% ownership stakes. In this arrangement, Granite Ridge provides capital funding for drilling and completion activities but has limited control over operational decisions and timing. This segment historically generated the majority of the company's revenue but is being de-emphasized in favor of the newer model. **Operated Partnerships** constitute the company's strategic focus, representing approximately 60% of current capital expenditures. Under this model, Granite Ridge partners with experienced operators to develop specific drilling programs where it maintains operational control and decision-making authority. These partnerships typically involve higher working interest percentages (often 25-50%) and allow Granite Ridge to determine drilling schedules, well designs, and capital deployment timing based on market conditions. The company's asset portfolio spans multiple prolific shale basins. The **Permian Basin** in West Texas represents the largest concentration of assets, accounting for approximately 57% of proved reserves and encompassing both the Midland and Delaware sub-basins. The **Eagle Ford Shale** in South Texas contributes roughly 16% of reserves, while the **Haynesville Shale** in Louisiana and East Texas accounts for about 10%. Additional positions in the **Bakken formation** in North Dakota and the **DJ Basin** in Colorado each represent approximately 10% and 7% of reserves, respectively. Production from these assets consists of crude oil, natural gas, and natural gas liquids. The company's current production mix averages approximately 52% crude oil and 48% natural gas, with oil production commanding higher per-unit pricing and margins. Daily production currently averages around 29,000 barrels of oil equivalent per day, with the company targeting continued growth through strategic partnerships and selective acquisitions.
Revenue model
Granite Ridge generates revenue primarily through **commodity sales** of crude oil, natural gas, and natural gas liquids produced from its working interests in wells across multiple shale basins. The company receives its proportionate share of production revenues based on its working interest percentage in each well, minus applicable royalties and operating expenses. Revenue realization depends heavily on prevailing commodity prices, which fluctuate based on global supply and demand dynamics, geopolitical events, seasonal factors, and regional price differentials. Oil typically commands higher per-unit pricing than natural gas, making the company's production mix a key profitability driver. Current production averages approximately 52% oil and 48% natural gas, with management targeting to maintain oil composition in the low-50% range. The company's **operated partnerships model** provides enhanced economics compared to traditional non-operated investments. By maintaining operational control, Granite Ridge can time drilling activities to optimize market conditions, negotiate better service contracts, and implement operational efficiencies that improve per-well economics. These partnerships typically target full-cycle returns exceeding 25%, significantly above industry averages. **Margin drivers** that could positively impact profitability include rising commodity prices, particularly oil prices which directly affect the company's higher-margin production. Operational efficiencies from the controlled capital program, such as reduced drilling and completion costs, improved well productivity through enhanced completion techniques, and lower lease operating expenses through economies of scale, also support margin expansion. The company has demonstrated success in reducing lease operating expenses to $6.17 per barrel of oil equivalent, representing a 13% year-over-year improvement. **Margin pressures** stem from commodity price volatility, particularly natural gas price weakness which affects roughly half of production volumes. Service cost inflation for drilling, completion, and production services can erode project economics, though the company has experienced relatively modest single-digit inflation recently. Increased competition for premium acreage positions and partnerships could compress acquisition returns, while regulatory changes affecting drilling permits, environmental compliance, or transportation infrastructure could increase operating costs. The company employs extensive **hedging strategies** to mitigate commodity price risk, with approximately 75% of production hedged through 2026. This provides cash flow stability but limits upside participation during periods of rising commodity prices. Geographic concentration in U.S. shale plays provides operational focus but creates exposure to regional price differentials and infrastructure constraints.
Competitive moat
Granite Ridge Resources operates in the highly competitive and cyclical oil and gas exploration and production industry, where sustainable competitive advantages are challenging to establish and maintain. The company's **primary competitive positioning** stems from its strategic relationships with experienced operators and its growing portfolio of controlled capital partnerships, rather than traditional economic moats. The company's **relationship-based advantages** include established partnerships with proven operators across multiple basins, providing access to high-quality drilling opportunities that may not be available to other investors. These relationships, built over years of successful collaboration, create some barriers to entry for competitors seeking similar partnership arrangements. However, these advantages are relatively fragile and depend on maintaining strong performance and competitive capital terms. **Operational control** through the controlled capital partnerships provides Granite Ridge with flexibility to optimize drilling timing, well designs, and capital deployment based on market conditions. This operational discretion can generate superior returns compared to traditional non-operated investments where timing and execution decisions rest with third-party operators. The company's growing expertise in partnership structuring and project management represents a developing competitive capability. **Geographic diversification** across multiple proven shale basins provides some risk mitigation compared to companies concentrated in single regions, though this diversification comes at the cost of reduced operational focus and economies of scale. The company's positions in tier-one shale plays like the Permian Basin provide access to some of the most economic drilling opportunities in North America. However, Granite Ridge faces **significant competitive pressures** from larger integrated oil companies, well-funded independent producers, and private equity-backed competitors, all of whom compete for the same high-quality drilling opportunities and operator partnerships. The company's relatively small size limits its ability to compete on capital scale for the largest and most attractive projects. **Disruption risks** include technological advances that could obsolete current drilling and completion techniques, potential regulatory restrictions on hydraulic fracturing or fossil fuel development, and the long-term energy transition toward renewable sources. The company's asset base consists entirely of finite hydrocarbon reserves that will eventually deplete, requiring continuous capital investment to maintain production levels. Overall, Granite Ridge operates in a **weak moat environment** where competitive advantages are temporary and success depends primarily on execution, market timing, and maintaining strong operator relationships rather than sustainable structural advantages.
Risks & safety
Granite Ridge demonstrates **moderate financial stability** with manageable debt levels but faces typical energy sector cyclicality and capital intensity challenges. **Debt and Solvency:** - Net debt to EBITDA ratio of 0.7x, well below the company's target of 1.25x maximum leverage - Borrowing base recently increased to $375 million, providing financial flexibility - Current ratio of 1.20x indicates adequate short-term liquidity coverage - Total debt-to-equity ratio of 0.40x represents conservative capital structure **Cash Flow Characteristics:** - Strong operating cash flow generation of $76 million in Q1 2025 - Negative free cash flow of -$25 million due to ongoing capital expenditure program - Historically volatile cash flows due to commodity price sensitivity and capital-intensive nature **Valuation Metrics:** - EV/EBITDA of 3.9x appears reasonable for energy sector - Price-to-earnings ratio of 20.2x reflects moderate valuation premium - Price-to-book ratio of 1.26x suggests trading near tangible book value - Graham number of 2.86 indicates potential undervaluation using conservative metrics **Risk Considerations:** - Commodity price volatility creates earnings unpredictability - Capital expenditure requirements of $310 million annually strain cash generation - Hedging program provides downside protection but limits upside participation - Quarterly dividend of $0.11 per share represents significant cash commitment during growth phase
Recent development
Over the past several years, Granite Ridge has undergone a **strategic transformation** from a traditional non-operated investment company to a more operationally-focused organization emphasizing controlled capital partnerships. This evolution represents the company's most significant strategic pivot since going public. The **controlled capital partnerships program** has become the centerpiece of the company's growth strategy, now accounting for approximately 60% of total capital expenditures compared to minimal involvement just two years ago. Under this model, Granite Ridge partners with experienced operators to develop specific drilling programs where it maintains operational control and decision-making authority. This shift allows the company to optimize drilling timing based on market conditions, negotiate better service contracts, and target full-cycle returns exceeding 25%. **Operational expansion** has accelerated significantly, with the company currently running two rigs in the Delaware Basin and planning to add a third rig in the Midland Basin. The company has secured 92 gross/42.9 net drilling locations under definitive agreements, providing a multi-year development inventory. Recent acquisitions have focused on adding near-term drilling opportunities, particularly in the Delaware Basin and emerging opportunities in the Utica Basin's condensate window. **Geographic diversification** efforts have expanded beyond the core Permian Basin focus, with the company exploring controlled capital opportunities in the Bakken, Eagle Ford, and Haynesville formations. However, current gas price weakness has made some of these opportunities less economically attractive, leading to a continued emphasis on oil-weighted projects. **Financial strategy refinements** include maintaining conservative leverage targets below 1.25x net debt to EBITDA while funding growth through a combination of operating cash flow and selective debt financing. The company has increased its borrowing base to $375 million and maintains an extensive hedging program covering 75% of production through 2026. The fixed dividend policy has been maintained at $0.11 per share quarterly, representing a yield above 7.5%. **Organizational development** has included significant team expansion and corporate governance improvements, with the company adding seven new team members, implementing comprehensive SOX compliance controls, and substantially increasing investor relations activities. Research coverage has expanded from one to four analysts, and trading volume has increased tenfold since the initial public offering.
GRNT company profile · for informational purposes only — not investment advice.
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