Greenfire Resources (NYSE:GFR) Sees Strong Trading Volume – What’s Next?

Greenfire Resources Ltd. (NYSE:GFR) shares saw unusually-high trading volume on Tuesday . 207,788 shares were traded during mid-day trading, a decline of 19% from the previous session’s volume of 255,502 shares.The stock last traded at $6.2810 and had previously closed at $6.16.

Wall Street Analyst Weigh In

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

Greenfire Resources Stock Performance

The company has a quick ratio of 0.76, a current ratio of 0.96 and a debt-to-equity ratio of 0.03. The company has a 50 day simple moving average of $6.21 and a 200-day simple moving average of $6.09. The stock has a market capitalization of $802.00 million, a price-to-earnings ratio of -22.84 and a beta of 0.18.

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

Institutional Investors Weigh In On Greenfire Resources

A number of large investors have recently bought and sold shares of the stock. Moerus Capital Management LLC bought a new position in Greenfire Resources in the fourth quarter worth approximately $8,082,000. BW Gestao de Investimentos Ltda. grew its stake in Greenfire Resources by 95.8% in the second quarter. BW Gestao de Investimentos Ltda. now owns 3,296,823 shares of the company’s stock valued at $14,704,000 after acquiring an additional 1,613,198 shares during the period. Saber Capital Managment LLC bought a new stake in shares of Greenfire Resources during the fourth quarter valued at approximately $3,270,000. Bank of Montreal Can increased its holdings in shares of Greenfire Resources by 165.8% during the fourth quarter. Bank of Montreal Can now owns 1,012,920 shares of the company’s stock valued at $4,821,000 after acquiring an additional 631,848 shares in the last quarter. Finally, K2 Principal Fund L.P. raised its position in shares of Greenfire Resources by 88.8% during the fourth quarter. K2 Principal Fund L.P. now owns 845,285 shares of the company’s stock worth $4,024,000 after purchasing an additional 397,685 shares during the period. 88.89% of the stock is currently owned by institutional investors and hedge funds.

Greenfire Resources Company Profile

Greenfire Resources Ltd., together with its subsidiaries, engages in the development, exploration, and operation of oil and gas properties in the Athabasca oil sands region of Alberta. The company operates the Tier-1 oil sands assets located in Western Canada. It utilizes steam-assisted gravity drainage (SAGD) extraction technology, a situ thermal oil recovery process to recover diluted and non- diluted bitumen. The company is headquartered in Calgary, Canada.