Greenfire Resources (NYSE:GFR) Shares Gap Up – What’s Next?

Shares of Greenfire Resources Ltd. (NYSE:GFR) gapped up before the market opened on Wednesday. The stock had previously closed at $5.99, but opened at $6.24. Greenfire Resources shares last traded at $6.14, with a volume of 31,560 shares trading hands.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Royal Bank Of Canada began coverage on shares of Greenfire Resources in a report on Monday, July 6th. They set a “hold” rating for the company. BMO Capital Markets raised shares of Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 target price for the company in a research report on Wednesday, August 5th. TD Securities upgraded shares of Greenfire Resources to a “strong-buy” rating in a report on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Greenfire Resources in a research report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Greenfire Resources currently has an average rating of “Moderate Buy” and an average price target of $11.50.

Greenfire Resources Trading Up 2.0%

The company has a debt-to-equity ratio of 0.03, a current ratio of 0.96 and a quick ratio of 0.76. The company’s 50 day moving average is $6.27 and its two-hundred day moving average is $6.10. The firm has a market cap of $785.67 million, a P/E ratio of -22.37 and a beta of 0.19.

Greenfire Resources (NYSE:GFR) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.30. The company had revenue of $123.86 million for the quarter, compared to analyst estimates of $107.41 million. Greenfire Resources had a negative return on equity of 3.50% and a negative net margin of 6.36%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Engineers Gate Manager LP bought a new position in Greenfire Resources during the second quarter worth about $60,000. Donald Smith & CO. Inc. bought a new stake in shares of Greenfire Resources in the 2nd quarter valued at approximately $1,672,000. Militia Capital Management LLC bought a new stake in shares of Greenfire Resources in the 1st quarter valued at approximately $1,637,000. Bank of America Corp DE raised its holdings in shares of Greenfire Resources by 2,709.5% in the 1st quarter. Bank of America Corp DE now owns 42,142 shares of the company’s stock worth $266,000 after buying an additional 40,642 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Greenfire Resources by 25.7% during the 1st quarter. Renaissance Technologies LLC now owns 161,262 shares of the company’s stock worth $1,019,000 after buying an additional 32,962 shares during the period. Institutional investors and hedge funds own 88.89% of the company’s stock.

About Greenfire Resources

Greenfire Resources Ltd. is a Canadian energy company focused on the development and production of bitumen from the Athabasca oil sands in Alberta. The company uses thermal recovery methods, including steam-assisted gravity drainage (SAGD), to produce heavy oil that can be processed into marketable crude oil products.

Greenfire’s principal assets are the Hangingstone Expansion and Hangingstone Demonstration oil sands projects, located south of Fort McMurray, Alberta. These facilities are designed to recover bitumen from the company’s resource leases, with production supported by steam generation, extraction, and related oil sands infrastructure.

Headquartered in Calgary, Alberta, Greenfire serves energy markets through the production and sale of bitumen and heavy crude oil.