Granite Ridge Resources (GRNT) Valuation Update - Apr 12

[dan_s]

This morning, I updated my forecast model for Granite Ridge for my updated oil & gas price forecast.
My value increases by $0.15 to $8.90/share.

At the time of this post GRNT was trading at $6.84

GRNT is in our Small-Cap Growth Portfolio.
> It is a "Non-Op" company, similar to Northern Oil & Gas (NOG) but much smaller.
> The Company's production increased by 22.4% YOY in 2022 and another 22.9% YOY in 2023, primarily due to acquisitions.
> Q4 production was 26,034 Boepd, 41.2% crude oil.
> PV10 Net Asset Value using just proved reserves was $5.78/share as of December 31, 2023 < Using SEC guidelines oil price of $78.21 for WTI.

It pays a nice dividend of $0.11/quarter for annualized yield of ~7%.