Greenfire Resources (NYSE:GFR) Shares Up 4.9% – Here’s Why

Shares of Greenfire Resources Ltd. (NYSE:GFR) shot up 4.9% during trading on Monday . The company traded as high as $6.02 and last traded at $5.8440. 17,539 shares were traded during trading, a decline of 90% from the average session volume of 171,819 shares. The stock had previously closed at $5.57.

Analysts Set New Price Targets

GFR has been the topic of several recent analyst reports. TD Securities assumed coverage on Greenfire Resources in a report on Tuesday, June 16th. They issued a “buy” rating on the stock. Weiss Ratings downgraded Greenfire Resources from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 18th. Finally, Royal Bank Of Canada assumed coverage on Greenfire Resources in a research report on Monday, July 6th. They set a “hold” rating for the company. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Greenfire Resources currently has an average rating of “Hold”.

Greenfire Resources Trading Up 9.3%

The company has a quick ratio of 0.54, a current ratio of 0.66 and a debt-to-equity ratio of 0.01. The business’s fifty day simple moving average is $5.80 and its two-hundred day simple moving average is $5.76. The company has a market cap of $763.62 million, a price-to-earnings ratio of -67.38 and a beta of 0.20.

Greenfire Resources (NYSE:GFR) last issued its earnings results on Tuesday, May 5th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.48). Greenfire Resources had a negative net margin of 7.55% and a negative return on equity of 4.20%. The company had revenue of $34.81 million during the quarter, compared to analyst estimates of $104.27 million.

Institutional Trading of Greenfire Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in GFR. BW Gestao de Investimentos Ltda. boosted its position in shares of Greenfire Resources by 95.8% in the 2nd quarter. BW Gestao de Investimentos Ltda. now owns 3,296,823 shares of the company’s stock valued at $14,704,000 after purchasing an additional 1,613,198 shares during the period. Moerus Capital Management LLC lifted its stake in Greenfire Resources by 37.9% in the first quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock valued at $14,838,000 after buying an additional 642,312 shares during the last quarter. Bank of Montreal Can lifted its stake in Greenfire Resources by 165.8% in the fourth quarter. Bank of Montreal Can now owns 1,012,920 shares of the company’s stock valued at $4,821,000 after buying an additional 631,848 shares during the last quarter. K2 Principal Fund L.P. boosted its holdings in shares of Greenfire Resources by 88.8% in the fourth quarter. K2 Principal Fund L.P. now owns 845,285 shares of the company’s stock valued at $4,024,000 after acquiring an additional 397,685 shares during the period. Finally, Saber Capital Managment LLC acquired a new stake in shares of Greenfire Resources in the fourth quarter valued at approximately $3,270,000. Institutional investors and hedge funds own 88.89% of the company’s stock.

About Greenfire Resources

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.