HK-listed gold stocks jump as US economic fears boost bullion prices
In a challenging market environment, shares of Executive Network Partnering Corporation (ticker: GRNT) have reached a 52-week low, dipping to $5.25. This latest price level reflects a significant downturn over the past year, with the stock experiencing a 1-year change of -24.63%. According to InvestingPro analysis, the stock appears undervalued at current levels, while offering an attractive 7.87% dividend yield to shareholders. Investors are closely monitoring the company’s performance as it navigates through the prevailing economic headwinds that have pressured the stock to its current low. Despite the challenges, analysts maintain price targets between $7-$9, suggesting potential upside, while the company operates with a moderate debt-to-equity ratio of 0.32. The decline to a 52-week low underscores the hurdles faced by the firm and raises questions among stakeholders about potential recovery paths and strategic responses to market conditions. InvestingPro subscribers can access 7 additional key insights and a comprehensive analysis report about GRNT’s outlook.
In other recent news, Granite Ridge Resources reported strong fourth-quarter 2024 results, achieving record production levels of 27,700 barrels of oil equivalent per day, marking a 10% sequential increase. Despite a net loss of $11.6 million, the company managed an adjusted net income of $22.7 million, reflecting underlying operational strength. Texas Capital Securities reaffirmed a Buy rating on the company with a price target of $8.50, citing Granite Ridge’s substantial production beat and reduced capital expenditures. Analyst Derrick Whitfield expressed confidence in the company’s growth potential, highlighting promising 2025 projections with slightly exceeding initial estimates for production volumes.
BofA Securities maintained a Neutral rating with a $7.00 price target, noting concerns about the broader oil market despite Granite Ridge’s effective operational execution. The firm’s analysis suggested that external factors, such as potential increases in oil supply by OPEC, could impact the company’s future prospects. Granite Ridge’s forward-looking guidance for 2025 includes a projected 16% production growth, aiming for an average of 29,000 BOE per day, with a capital expenditure plan of $300-$320 million. The company also emphasized its strategic shift towards operated partnerships, which is expected to enhance production capabilities and financial performance.
Granite Ridge’s adjusted EBITDAX for the fourth quarter was $82.6 million, showing a slight year-over-year increase. The full-year 2024 adjusted EBITDAX was $290.8 million, down from $305.4 million in 2023, due to lower realized commodity prices and divested assets. The company’s strategic focus for 2025 includes maintaining lower capital expenditures while achieving higher production volumes, indicating a robust growth path ahead.
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