Greenfire Resources (NYSE:GFR) Sees Strong Trading Volume – Still a Buy?

Greenfire Resources Ltd. (NYSE:GFR) shares saw an uptick in trading volume on Monday . 399,838 shares changed hands during trading, an increase of 27% from the previous session’s volume of 314,041 shares.The stock last traded at $6.5850 and had previously closed at $6.52.

Analyst Ratings Changes

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

Greenfire Resources Price Performance

The company has a fifty day moving average of $6.30 and a 200 day moving average of $6.11. The firm has a market capitalization of $870.97 million, a P/E ratio of -24.80 and a beta of 0.18. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.96 and a quick ratio of 0.76.

Greenfire Resources (NYSE:GFR) last released its quarterly 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. The firm had revenue of $123.86 million during the quarter, compared to analyst estimates of $107.41 million. Greenfire Resources had a negative net margin of 6.36% and a negative return on equity of 3.50%.

Hedge Funds Weigh In On Greenfire Resources

A number of hedge funds have recently bought and sold shares of the company. Engineers Gate Manager LP acquired a new stake in Greenfire Resources during the 2nd quarter worth about $60,000. Donald Smith & CO. Inc. bought a new stake in shares of Greenfire Resources during the 2nd quarter valued at about $1,672,000. Militia Capital Management LLC bought a new stake in shares of Greenfire Resources during the 1st quarter valued at about $1,637,000. Bank of America Corp DE grew its stake in Greenfire Resources by 2,709.5% during the first quarter. Bank of America Corp DE now owns 42,142 shares of the company’s stock worth $266,000 after purchasing an additional 40,642 shares during the period. Finally, Renaissance Technologies LLC grew its stake in Greenfire Resources by 25.7% during the first quarter. Renaissance Technologies LLC now owns 161,262 shares of the company’s stock worth $1,019,000 after purchasing an additional 32,962 shares during the period. 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 Athabasca oil sands in Alberta, Canada. The company’s operations are centered on thermal oil sands projects that use steam-assisted gravity drainage (SAGD) technology to recover bitumen from underground reservoirs.

Greenfire’s principal assets include the Hangingstone Expansion and Hangingstone Demonstration projects, located south of Fort McMurray, Alberta. The company operates its facilities and produces bitumen, which can be transported to market for upgrading or refining into crude oil and other petroleum products.

The company has historically focused on advancing oil sands assets with established infrastructure and production potential.