Greenfire Resources Ltd. (NYSE:GFR) Short Interest Up 102.5% in August

Greenfire Resources Ltd. (NYSE:GFR) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totaling 1,744,086 shares, an increase of 102.5% from the August 15th total of 861,228 shares. Currently, 1.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 816,416 shares, the days-to-cover ratio is currently 2.1 days.

Greenfire Resources Trading Up 1.6%

Shares of NYSE:GFR traded up $0.11 during midday trading on Monday, hitting $6.63. 1,662,927 shares of the stock traded hands, compared to its average volume of 322,003. The company has a quick ratio of 0.76, a current ratio of 0.96 and a debt-to-equity ratio of 0.03. The business’s 50 day moving average is $6.27 and its two-hundred day moving average is $6.10. The stock has a market capitalization of $830.95 million, a PE ratio of -23.66 and a beta of 0.18. Greenfire Resources has a one year low of $4.15 and a one year high of $7.16.

Greenfire Resources (NYSE:GFR) last posted its earnings results on Wednesday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.30. The company had revenue of $123.86 million for the quarter, compared to analysts’ expectations of $107.41 million. Greenfire Resources had a negative return on equity of 3.50% and a negative net margin of 6.36%.

Hedge Funds Weigh In On Greenfire Resources

Several hedge funds have recently made changes to their positions in the business. Saber Capital Managment LLC purchased a new stake in Greenfire Resources in the fourth quarter worth $3,270,000. Moerus Capital Management LLC raised its stake in Greenfire Resources by 37.9% in the first quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock worth $14,838,000 after buying an additional 642,312 shares in the last quarter. K2 Principal Fund L.P. lifted its holdings in Greenfire Resources by 88.8% in the fourth quarter. K2 Principal Fund L.P. now owns 845,285 shares of the company’s stock worth $4,024,000 after buying an additional 397,685 shares during the period. Donald Smith & CO. Inc. purchased a new stake in Greenfire Resources in the second quarter worth about $1,672,000. Finally, Militia Capital Management LLC bought a new stake in Greenfire Resources during the 1st quarter valued at approximately $1,637,000. 88.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on GFR shares. BMO Capital Markets upgraded shares of Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price objective for the company in a report on Wednesday, August 5th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Greenfire Resources in a report on Thursday, August 13th. TD Securities upgraded shares of Greenfire Resources to a “strong-buy” rating in a research report on Thursday, July 23rd. Finally, Royal Bank Of Canada started coverage on shares of Greenfire Resources in a research 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, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.50.

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.