Greenfire Resources Ltd. (NYSE:GFR) Shares Shorted: Short Interest Up 84.8% in September

Greenfire Resources Ltd. (NYSE:GFR) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totaling 3,223,621 shares, a growth of 84.8% from the August 31st total of 1,744,086 shares. Approximately 3.2% of the shares of the stock are sold short. Based on an average trading volume of 1,954,378 shares, the days-to-cover ratio is presently 1.6 days.

Institutional Investors Weigh In On Greenfire Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Deltroit Asset Management UK LLP bought a new position in Greenfire Resources in the fourth quarter valued at about $48,000. Engineers Gate Manager LP bought a new stake in shares of Greenfire Resources during the second quarter worth about $60,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Greenfire Resources during the first quarter worth about $141,000. Avise Financial Cooperative Inc. acquired a new position in shares of Greenfire Resources in the fourth quarter valued at approximately $160,000. Finally, Bank of America Corp DE increased its stake in shares of Greenfire Resources by 2,709.5% in the first quarter. Bank of America Corp DE now owns 42,142 shares of the company’s stock valued at $266,000 after buying an additional 40,642 shares during the period. Institutional investors own 88.89% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on GFR. Weiss Ratings restated a “sell (d)” rating on shares of Greenfire Resources in a research note on Thursday, August 13th. BMO Capital Markets upgraded Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price target on the stock in a research note on Wednesday, August 5th. TD Securities raised Greenfire Resources to a “strong-buy” rating in a report on Thursday, July 23rd. Finally, Royal Bank Of Canada began coverage on Greenfire Resources in a research report on Monday, July 6th. They set a “hold” rating for the company. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.50.

Greenfire Resources Price Performance

GFR stock opened at $5.64 on Thursday. The stock has a market cap of $707.31 million, a price-to-earnings ratio of -20.14 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. The company has a 50 day simple moving average of $6.31 and a 200 day simple moving average of $6.11. Greenfire Resources has a 1 year low of $4.15 and a 1 year high of $7.16.

Greenfire Resources (NYSE:GFR) last issued its earnings results on Wednesday, August 5th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.30. The firm had revenue of $123.86 million for 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%.

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.