Greenfire Resources (NYSE:GFR) Stock Falls 6.8% – Here’s Why

Greenfire Resources Ltd. (NYSE:GFR)’s stock price was down 6.8% during mid-day trading on Monday. The company traded as low as $6.25 and last traded at $6.2450. 335,238 shares changed hands during trading, a decline of 28% from the average daily volume of 464,571 shares. The stock had previously closed at $6.70.

Wall Street Analysts Forecast Growth

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

Greenfire Resources Price Performance

The company has a current ratio of 0.96, a quick ratio of 0.76 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $778.15 million, a PE ratio of -22.12 and a beta of 0.19. The business has a fifty day moving average price of $6.36 and a 200-day moving average price of $6.08.

Greenfire Resources (NYSE:GFR) last posted 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. 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 the consensus estimate of $107.41 million.

Institutional Trading of Greenfire Resources

Several hedge funds have recently made changes to their positions in the business. Engineers Gate Manager LP acquired a new stake in Greenfire Resources during the 2nd quarter worth $60,000. Mraz Amerine & Associates Inc. purchased a new stake in Greenfire Resources in the 3rd quarter valued at about $87,000. Turtle Creek Wealth Advisors LLC increased its holdings in Greenfire Resources by 47.4% in the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 49,750 shares of the company’s stock valued at $281,000 after purchasing an additional 16,000 shares in the last quarter. TD Waterhouse Canada Inc. acquired a new position in shares of Greenfire Resources in the 3rd quarter valued at approximately $154,000. Finally, Renaissance Technologies LLC increased its position in Greenfire Resources by 25.7% in the first quarter. Renaissance Technologies LLC now owns 161,262 shares of the company’s stock worth $1,019,000 after buying an additional 32,962 shares during the period. Institutional investors and hedge funds own 88.89% of the company’s stock.

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.