Oil and gas company Granite Ridge Resources (NYSE:GRNT) will be reporting earnings this Thursday after market hours. Here’s what to expect.
Granite Ridge Resources missed analysts’ revenue expectations last quarter, reporting revenues of $128.3 million, up 4.3% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ EPS estimates and a miss of analysts’ EBITDA estimates. It reported year-on-year oil production growth of 11.4%.
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 29.3% year on year, improving from the 20.5% 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 will 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 Q2 results, giving us a hint as to what we can expect. Vitesse Energy delivered year-on-year revenue growth of 11.3%, beating analysts’ expectations by 8.2%, and Kosmos Energy reported revenues up 54.6%, topping estimates by 28.4%. Vitesse Energy’s stock price was unchanged after the resultswhile Kosmos Energy was down 8.9%.
Read our full analysis of Vitesse Energy’s results here and Kosmos Energy’s results here.
There has been positive sentiment among investors in the mixed or offshore upstream e&p segment, with share prices up 6.7% on average over the last month. Granite Ridge Resources is up 11.2% during the same time and is heading into earnings with an average analyst price target of $7.60 (compared to the current share price of $4.78).
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