Greenfire Resources Ltd. (NYSE:GFR) Sees Large Growth in Short Interest

Greenfire Resources Ltd. (NYSE:GFR) was the target of a large increase in short interest in the month of August. As of August 14th, there was short interest totaling 861,228 shares, an increase of 682.8% from the July 30th total of 110,018 shares. Based on an average trading volume of 399,498 shares, the short-interest ratio is currently 2.2 days. Currently, 0.9% of the shares of the company are short sold.

Greenfire Resources Stock Performance

NYSE:GFR traded down $0.07 during mid-day trading on Thursday, hitting $6.04. 521,553 shares of the stock were exchanged, compared to its average volume of 223,878. The firm’s 50-day simple moving average is $6.09 and its 200 day simple moving average is $6.07. The stock has a market capitalization of $758.09 million, a price-to-earnings ratio of -21.67 and a beta of 0.19. Greenfire Resources has a fifty-two week low of $4.15 and a fifty-two week high of $7.16. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.76 and a current ratio of 0.96.

Greenfire Resources (NYSE:GFR) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.31 EPS 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 return on equity of 3.50% and a negative net margin of 6.36%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Greenfire Resources

Several institutional investors and hedge funds have recently modified their holdings of the business. BW Gestao de Investimentos Ltda. raised its stake in 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 worth $14,704,000 after purchasing an additional 1,613,198 shares in the last quarter. Moerus Capital Management LLC grew its position in shares of Greenfire Resources by 37.9% during the 1st quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock worth $14,838,000 after purchasing an additional 642,312 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of Greenfire Resources by 165.8% during the fourth quarter. Bank of Montreal Can now owns 1,012,920 shares of the company’s stock worth $4,821,000 after purchasing an additional 631,848 shares during the period. K2 Principal Fund L.P. increased its holdings in shares of Greenfire Resources by 88.8% during the fourth quarter. K2 Principal Fund L.P. now owns 845,285 shares of the company’s stock worth $4,024,000 after purchasing 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. 88.89% of the stock is currently owned by institutional investors and hedge funds.

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.