Greenfire Resources (NYSE:GFR) Share Price Crosses Below Two Hundred Day Moving Average – Should You Sell?

Greenfire Resources Ltd. (NYSE:GFR)’s stock price crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $6.09 and traded as low as $5.59. Greenfire Resources shares last traded at $5.6750, with a volume of 1,792,465 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GFR shares. TD Securities upgraded shares of Greenfire Resources to a “strong-buy” rating in a research note on Thursday, July 23rd. Weiss Ratings upgraded Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. Finally, BMO Capital Markets raised Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price objective for the company in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.50.

Greenfire Resources Price Performance

The stock’s fifty day moving average price is $6.34 and its 200-day moving average price is $6.09. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.76 and a current ratio of 0.96. The firm has a market cap of $711.68 million, a PE ratio of -20.27 and a beta of 0.16.

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

Institutional Investors Weigh In On Greenfire Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Beverly Hills Private Wealth LLC boosted its stake in shares of Greenfire Resources by 161.3% during the 3rd quarter. Beverly Hills Private Wealth LLC now owns 1,086,833 shares of the company’s stock worth $6,141,000 after acquiring an additional 670,909 shares in the last quarter. Moerus Capital Management LLC grew its holdings in shares of Greenfire Resources by 37.9% in the 1st quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock worth $14,838,000 after acquiring an additional 642,312 shares during the period. Donald Smith & CO. Inc. acquired a new stake in shares of Greenfire Resources in the 2nd quarter worth approximately $1,672,000. Militia Capital Management LLC acquired a new stake in shares of Greenfire Resources in the 1st quarter worth approximately $1,637,000. Finally, Aegis Financial Corp increased its stake in Greenfire Resources by 133.1% in the 1st quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock valued at $2,639,000 after purchasing an additional 238,417 shares in the last quarter. 88.89% of the stock is currently owned by institutional investors and hedge funds.

Greenfire Resources Company Profile

Greenfire Resources Ltd. (NYSE:GFR) is a Canadian energy company focused on the development and production of bitumen from the Alberta oil sands. The company operates in the Hangingstone area, approximately south of Fort McMurray, Alberta, one of Canada’s primary oil sands regions.

Greenfire’s principal assets include its Hangingstone Demonstration and Hangingstone Expansion projects. These operations use in situ production methods, including steam-assisted gravity drainage, to recover bitumen from underground deposits without conventional open-pit mining.