# Granite Ridge Resources, Inc. (GRNT)

> Source: Nexqual · https://nexqual.com/GRNT · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Granite Ridge Resources, Inc. (GRNT), nexqual.com/GRNT" · informational, not investment advice.

## GRNT major shareholder filing: Schedule 13D/A, Sep 4, 2026
GREP GP III, LLC, Grey Rock Energy Partners GP III, L.P., GREP GP III Holdings, LLC filed a Schedule 13D/A on Sep 4, 2026, reporting up to 39.20% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> Business Combination Agreement Pursuant to that certain Business Combination Agreement, dated May 16, 2022 (the "Business Combination Agreement"), by and among the Company, Executive Network Partnering Corporation, a Delaware corporation ("ENPC"), GREP Holdings, GREP Merger Sub, and ENPC Merger Sub, Inc., a Delaware corporation, among other things, the Fund III Holdcos contributed certain oil and gas assets to GREP Holdings in exchange for membership interests therein. At the closing of the transactions contemplated by the Business Combination Agreement, among other things, the Fund III Holdcos were issued certain of the shares of Common Stock reported by this Schedule 13D. Registration Rights Agreement In connection with the Business Combination Agreement, the Company entered into a Registration Rights and Lock-Up Agreement (the "RRA") with certain former stockholders of ENPC and the Existing GREP Members (as defined below) with respect to the shares of Common Stock that were issued as consideration under the Business Combination Agreement. The RRA provides certain demand rights and piggyback rights to the parties, subject to certain specified underwriter cutbacks and issuer blackout periods. …

Source: https://www.sec.gov/Archives/edgar/data/1928446/000110465926105567/0001104659-26-105567-index.htm

**Price:** USD 5.81 (-0.51% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 5.81 · day 5.78–5.9 · 52w 4.18–6.15 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $496M, net income -$27.6M (-5.6% margin) (SEC filings).
- Insider open-market purchases, last ~7 months: 14 Form 4 filings, $962K; 2 by opportunistic insiders, 8 by routine insiders.
- Analysts: Buy (mean 2.40 on a 1–5 scale) (5 analysts), mean target USD 8.2 (range 6–11).
- Total return with dividends: 1Y +21.5% vs S&P 500 +13.6%; 5Y -20.5% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD 0.12, revenue estimate $158M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $290M | $497M | $394M | $380M | $450M | $496M |
| Operating income | $143M | $302M | $90.6M | $59.3M | $46.4M | $37.0M |
| Net income | $108M | $262M | $81.1M | $18.8M | $24.4M | -$27.6M |
| EPS (diluted) | $0.82 | $1.97 | $0.61 | $0.14 | $0.18 | — |
| Operating margin | 49.4% | 60.7% | 23.0% | 15.6% | 10.3% | 7.5% |
| Net margin | 37.4% | 52.7% | 20.6% | 4.9% | 5.4% | -5.6% |
| Revenue growth | +233.2% | +71.4% | -20.8% | -3.6% | +18.5% | — |
| Cash + short-term investments | $12.2M | $51.1M | $10.7M | $9.4M | $14.8M | — |
| Total debt | $51.1M | $0K | $110M | $205M | $385M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.6x · EV/Sales 2.4x · P/B 1.4x · Earnings yield -3.60% · Dividend yield (paid, TTM) 7.55% · Buyback yield (TTM) 0.00% · Net debt $418M · EV $1.18B
P/E at fiscal year-ends: Dec 2025 25.2x, Dec 2024 44.8x, Dec 2023 9.9x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
14 purchases, $962K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-11 | Miller Matthew Reade | Director | 10,000 | $50K | 5.03 | Routine (bought in Jun & Sep & Dec each year 2023–2025) |
| 2026-09-04 | Kettler Ronald Kyle | Chief Financial Officer | 6,000 | $30K | 5.05 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-01 | McCartney John | Director | 5,000 | $25K | 5.04 | Routine (bought in Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-13 | Everard Michele J | Director | 1,000 | $5K | 5 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-13 | McCartney John | Director | 2,000 | $10K | 5 | Routine (bought in Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-10 | McCartney John | Director | 4,000 | $20K | 4.96 | Routine (bought in Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-09 | Miller Matthew Reade | Director | 10,600 | $50K | 4.75 | Routine (bought in Jun & Sep & Dec each year 2023–2025) |
| 2026-05-27 | Kettler Ronald Kyle | Chief Financial Officer | 6,000 | $30K | 5.08 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-21 | McCartney John | Director | 4,000 | $22K | 5.54 | Routine (bought in Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-19 | McCartney John | Director | 3,000 | $17K | 5.81 | Routine (bought in Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-18 | Perry Griffin | Director | 100,000 | $549K | 5.49 | Too little history (no open-market trades in 2025) |
| 2026-05-14 | Everard Michele J | Director | 1,000 | $5K | 5.28 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-13 | Farquharson Tyler | President and CEO | 10,000 | $52K | 5.15 | Too little history (no open-market trades in 2025) |
| 2026-05-13 | Miller Matthew Reade | Director | 18,180 | $95K | 5.21 | Routine (bought in Jun & Sep & Dec each year 2023–2025; this trade is outside those months) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.40 on a 1–5 scale), 5 analysts; mean target USD 8.2 (low 6, high 11).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-08 | Northland Capital Markets | Initiated | Outperform | $9 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +21.5% | -20.5% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +21.6% | -4.5% |
| Volatility (annualized) | 42.0% | 37.2% |
| Max drawdown | -28.0% (May 2026→Jul 2026) | -47.9% (Jun 2022→May 2023) |

## Peers (Oil & Gas E&P)
BSM (Black Stone Minerals, L.P.) USD 14.86 +0.41% · BTE (Baytex Energy Corp) USD 5.46 +0.74% · CRK (Comstock Resources, Inc.) USD 14.87 -0.20% · CRC (California Resources Corporatio) USD 54.72 +1.13% · CRGY (Crescent Energy Company) USD 13.75 +0.44% · CNX (CNX Resources Corporation) USD 38.05 -1.37%

## More
Full page: https://nexqual.com/GRNT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Oil | $139.7M | 93.6% | +56.1% |
| Natural gas | $9.6M | 6.4% | -51.4% |
| Total revenue | $149.3M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Permian | $108.9M | 73.0% | +44.6% |
| Bakken | $9.8M | 6.5% | +36.9% |
| Appalachian | $8.9M | 6.0% | +22.0% |
| Eagle Ford | $8.6M | 5.7% | +8.6% |
| DJ | $6.6M | 4.4% | -11.7% |
| Haynesville | $6.5M | 4.3% | +60.0% |
| Total revenue | $149.3M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.12 | $0.15 | -16.1% | $158.4M | 4 |
| Next quarter (ends 2026-12-31) | $0.22 | $0.16 | +39.1% | $168.4M | 4 |
| Current fiscal year (ends 2026-12-31) | $0.46 | $0.40 | +12.6% | $601.0M | 4 |
| Next fiscal year (ends 2027-12-31) | $0.89 | $0.64 | +38.3% | $630.0M | 4 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.09 | $0.07 | Beat +28.6% | — |
| — | Quarter ended Mar 31, 2026 | $0.02 | $0.12 | Miss −83.3% | — |
| — | Quarter ended Dec 31, 2025 | $0.01 | $0.10 | Miss −90.0% | — |
| — | Quarter ended Sep 30, 2025 | $0.09 | $0.14 | Miss −35.7% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-09 | 8-K/A | Shareholder vote results | https://www.sec.gov/Archives/edgar/data/1928446/000192844626000062/0001928446-26-000062-index.htm |
| 2026-09-04 | Schedule 13D/A | GREP GP III, LLC, Grey Rock Energy Partners GP III, L.P.: 39.2% of shares, 5%+ holder that may seek to influence the company (amended) — “Business Combination Agreement Pursuant to that certain Business Combination Agreement, dated May 16, 2022 (the "Business Combination Agreement"), by and among the Company, Executive Network Partnering Corporation, a Delaware corporation ("ENPC"), GREP Holdings, GREP Merger Sub,…” | https://www.sec.gov/Archives/edgar/data/1928446/000110465926105567/0001104659-26-105567-index.htm |
| 2026-08-21 | Schedule 13D/A | GREP GP III, LLC, Grey Rock Energy Partners GP III, L.P.: 39.2% of shares, 5%+ holder that may seek to influence the company (amended) — “as provided below. Distribution On August 19, 2026, the Fund III Filing Parties effected a pro rata distribution of an aggregate of 14,000,000 shares of Common Stock to their respective limited partners and members, consisting of 4,247,600 shares distributed by Holdco III-A and…” | https://www.sec.gov/Archives/edgar/data/1928446/000110465926099781/0001104659-26-099781-index.htm |
| 2026-08-19 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure; Other material event — “On August 19, 2026, the board of directors (the "Board") of Granite Ridge Resources, Inc. (the "Company") approved an increase in the size of the Board from seven directors to nine directors and appointed John Cocke and Jonathan Adams to the Board, each effective as of August 19, 2026. Mr. Cocke was appointed as a Class II director to serve until the 2027 annual meeting of shareholders or until his earlier death, resignation or removal from office, and Mr. Adams was appointed as a Class III director to serve until…” | https://www.sec.gov/Archives/edgar/data/1928446/000192844626000059/0001928446-26-000059-index.htm |
| 2026-08-10 | Schedule 13D/A | GREP GP III, LLC, Grey Rock Energy Partners GP III, L.P.: 49.9% of shares, 5%+ holder that may seek to influence the company (amended) — “as provided below. Distribution Intent Fund III intends to effect a series of distributions of shares of Common Stock to its limited partners beginning in the third quarter of 2026. Voting Agreement On August 25, 2023, GREP GP III (who has voting and dispositive power over…” | https://www.sec.gov/Archives/edgar/data/1928446/000110465926093460/0001104659-26-093460-index.htm |
| 2026-08-10 | Schedule 13G/A | Hamilton Lane Advisors, L.L.C., Regents of the University of Michigan: 5.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1928446/000157376726000015/0001573767-26-000015-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1928446/000192844626000051/0001928446-26-000051-index.htm |
| 2026-08-06 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1928446/000192844626000049/0001928446-26-000049-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.