Greenfire Resources (NYSE:GFR) Sees Large Volume Increase – Should You Buy?

Greenfire Resources Ltd. (NYSE:GFR) shares saw unusually-high trading volume on Friday . 569,617 shares traded hands during trading, an increase of 221% from the previous session’s volume of 177,656 shares.The stock last traded at $6.4150 and had previously closed at $6.33.

Wall Street Analysts Forecast Growth

GFR has been the subject of a number of research reports. TD Securities upgraded Greenfire Resources to a “strong-buy” rating in a research report on Thursday, July 23rd. Royal Bank Of Canada assumed coverage on shares of Greenfire Resources in a research report on Monday, July 6th. They set a “hold” rating on the stock. Finally, Weiss Ratings lowered shares of Greenfire Resources from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold”.

Greenfire Resources Stock Performance

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 stock has a market cap of $795.60 million, a price-to-earnings ratio of -70.48 and a beta of 0.20. The stock’s fifty day moving average is $5.87 and its 200-day moving average is $5.92.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GFR. Deltroit Asset Management UK LLP bought a new stake in shares of Greenfire Resources in the fourth quarter worth about $48,000. Raffles Associates LP bought a new position in shares of Greenfire Resources during the 4th quarter valued at about $50,000. WINTON GROUP Ltd bought a new position in shares of Greenfire Resources during the 4th quarter valued at about $64,000. Jane Street Group LLC acquired a new position in shares of Greenfire Resources in the 4th quarter valued at approximately $74,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in shares of Greenfire Resources in the 1st quarter valued at approximately $141,000. 88.89% of the stock is currently owned by institutional investors.

Greenfire Resources Company Profile

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.