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

Greenfire Resources Ltd. (NYSE:GFR) shares saw strong trading volume on Tuesday . Approximately 547,464 shares changed hands during mid-day trading, an increase of 132% from the previous session’s volume of 236,084 shares.The stock last traded at $6.2150 and had previously closed at $6.16.

Analysts Set New Price Targets

A number of research analysts have issued reports on GFR shares. Royal Bank Of Canada initiated coverage on shares of Greenfire Resources in a research report on Monday, July 6th. They set a “hold” rating on the stock. TD Securities upgraded shares of Greenfire Resources to a “strong-buy” rating in a research report on Thursday, July 23rd. BMO Capital Markets raised shares of Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price target for the company in a research note 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 investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.50.

Greenfire Resources Price Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.76 and a current ratio of 0.96. The firm has a market capitalization of $785.07 million, a P/E ratio of -22.36 and a beta of 0.19. The company has a 50-day moving average price of $6.13 and a 200-day moving average price of $6.07.

Greenfire Resources (NYSE:GFR) last released 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 business had revenue of $123.86 million during the quarter, compared to the consensus estimate of $107.41 million. Greenfire Resources had a negative return on equity of 3.50% and a negative net margin of 6.36%.

Institutional Trading of Greenfire Resources

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Deltroit Asset Management UK LLP bought a new stake in shares of Greenfire Resources in the 4th quarter valued at about $48,000. Raffles Associates LP bought a new position in Greenfire Resources during the 4th quarter worth approximately $50,000. WINTON GROUP Ltd acquired a new position in Greenfire Resources during the fourth quarter valued at approximately $64,000. Jane Street Group LLC acquired a new position in Greenfire Resources during the fourth quarter valued at approximately $74,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in Greenfire Resources in the first quarter valued at approximately $141,000. 88.89% of the stock is 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.