Greenfire Resources Ltd. (NYSE:GFR) Shares Shorted: Short Interest Up 116.5% in October

Greenfire Resources Ltd. (NYSE:GFR) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totaling 1,276,069 shares, an increase of 116.5% from the September 30th total of 589,397 shares. Based on an average daily trading volume, of 1,306,400 shares, the days-to-cover ratio is presently 1.0 days. Approximately 1.3% of the company’s shares are short sold.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets upgraded shares of Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 target price on the stock in a report on Wednesday, August 5th. Weiss Ratings upgraded Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Royal Bank Of Canada started coverage on Greenfire Resources in a research report on Monday, July 6th. They set a “hold” rating on the stock. Finally, TD Securities upgraded Greenfire Resources to a “strong-buy” rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Greenfire Resources has a consensus rating of “Moderate Buy” and a consensus target price of $11.50.

Greenfire Resources Price Performance

GFR traded down $0.08 on Friday, reaching $6.72. The company had a trading volume of 827,164 shares, compared to its average volume of 1,235,172. Greenfire Resources has a 52-week low of $4.15 and a 52-week high of $7.16. The business has a 50 day simple moving average of $6.36 and a 200 day simple moving average of $6.08. The company has a market cap of $842.76 million, a price-to-earnings ratio of -24.00 and a beta of 0.19. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.76 and a current ratio of 0.96.

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

Hedge Funds Weigh In On Greenfire Resources

Large investors have recently modified their holdings of the stock. Moerus Capital Management LLC lifted its stake in Greenfire Resources by 37.9% during the 1st quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock valued at $14,838,000 after acquiring an additional 642,312 shares during the period. Donald Smith & CO. Inc. purchased a new stake in shares of Greenfire Resources during the 2nd quarter valued at about $1,672,000. Militia Capital Management LLC purchased a new stake in shares of Greenfire Resources during the 1st quarter valued at about $1,637,000. Aegis Financial Corp grew its stake in shares of Greenfire Resources by 133.1% in the first quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock worth $2,639,000 after acquiring an additional 238,417 shares during the period. Finally, Louisbourg Investments Inc. grew its stake in shares of Greenfire Resources by 10.4% in the third quarter. Louisbourg Investments Inc. now owns 730,816 shares of the company’s stock worth $4,121,000 after acquiring an additional 68,836 shares during the period. Hedge funds and other institutional investors own 88.89% of the company’s stock.

About Greenfire Resources

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.