Granite Ridge Resources announces board election results

Granite Ridge Resources, Inc. (NYSE:GRNT), a $727 million market cap company specializing in crude petroleum and natural gas, disclosed the outcomes of its Annual Meeting of Stockholders held on May 23, 2025. The company, which offers an attractive 8% dividend yield according to InvestingPro data, currently trades at $5.54 per share and appears slightly undervalued based on comprehensive analysis. The Dallas-based company, with the Central Index Key 0001928446, reported the election results for its board of directors and the ratification of its independent registered public accounting firm for the current fiscal year.

During the Annual Meeting, shareholders voted on two key proposals. The first proposal was the election of Griffin Perry and Amanda Coussens as Class III directors for a term ending at the Annual Meeting of Stockholders in 2028. Perry received 90,996,085 votes for, 15,817,679 withheld, and there were 5,658,082 broker non-votes. Coussens garnered 104,845,291 votes for, 1,968,473 withheld, and the same number of broker non-votes as Perry.

The second proposal was the ratification of Forvis Mazars LLP as the company’s independent registered public accounting firm for the year ending December 31, 2025. This proposal was overwhelmingly approved with 112,137,551 votes for, 92,631 against, and 241,664 abstentions. InvestingPro analysis reveals strong financial health scores for the company, particularly in profit and cash flow metrics, suggesting sound financial management practices.

The report date and the date of the earliest event reported coincide, falling on May 23, 2025. As of the record date for the Annual Meeting, March 25, 2025, there were 131,134,671 shares of the company’s common stock outstanding, and 130,802,866 shares entitled to vote. A total of 112,471,846 shares were represented in person or by proxy at the meeting.

Granite Ridge Resources has dutifully filed this report in compliance with the Securities Exchange Act of 1934, as confirmed by the signature of Luke C. Brandenberg, the President and Chief Executive Officer of the company.

This article is based on a press release statement. Looking ahead, the company’s next earnings report is scheduled for August 7, 2025. Investors seeking deeper insights can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which includes detailed analysis of Granite Ridge’s financial health, valuation metrics, and growth prospects among 1,400+ top US stocks.

In other recent news, Granite Ridge Resources reported strong financial results for the first quarter of 2025, showcasing significant growth in both revenue and net income. The company achieved a total revenue of $122.9 million, marking a $34 million increase from the previous year. Adjusted net income rose by 89% to $28.9 million, or $0.22 per share, reflecting a robust performance that was well-received by investors. Production rates improved by 23%, driven by a substantial increase in both oil and gas volumes. The company also reported a strong operating cash flow of $86.7 million.

Granite Ridge Resources has set a positive outlook for the remainder of 2025, projecting a 16% production growth with an expected output of 58,000 barrels of oil equivalent per day. The company’s capital expenditure budget is set at $310 million, with plans to maintain a quarterly dividend of $0.11 per share. Analysts from firms like Capital One (NYSE:COF) and Texas Capital have shown interest in the company’s strong well performance and strategic focus on production growth.

The company has also increased its borrowing base to $375 million, providing total liquidity of $141 million. Granite Ridge Resources has focused on its operated partnership program in the Permian Basin, enhancing its competitive position in the market. The company’s diversification and strategic initiatives have positioned it well to capitalize on opportunities in the current market environment.

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