Oil and gas company Granite Ridge Resources (NYSE:GRNT) will be announcing earnings results this Thursday afternoon. Here’s what you need to know.
Granite Ridge Resources missed analysts’ revenue expectations last quarter, reporting revenues of $105.5 million, flat year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates. It reported 1.58 million oil production, up 16.5% year on year.
Is Granite Ridge Resources a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Granite Ridge Resources’s revenue to grow 5.3% year on year, slowing from the 38.1% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Granite Ridge Resources has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Granite Ridge Resources’s peers in the mixed or offshore upstream e&p segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Solaris Energy Infrastructure delivered year-on-year revenue growth of 55.3%, beating analysts’ expectations by 6.8%, and Gulfport Energy reported revenues up 122%, topping estimates by 6.4%. Solaris Energy Infrastructure traded up 5.4% following the results.
Read our full analysis of Solaris Energy Infrastructure’s results here and Gulfport Energy’s results here.
There has been positive sentiment among investors in the mixed or offshore upstream e&p segment, with share prices up 5.2% on average over the last month. Granite Ridge Resources is up 3.8% during the same time and is heading into earnings with an average analyst price target of $7.30 (compared to the current share price of $6.10).
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