Greenfire Resources (NYSE:GFR) Stock Breaks Below Two Hundred Day Moving Average – Time to Sell?

Greenfire Resources Ltd. (NYSE:GFR) shares crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $6.09 and traded as low as $5.59. Greenfire Resources shares last traded at $5.6750, with a volume of 1,792,465 shares traded.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GFR shares. Weiss Ratings upgraded Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. BMO Capital Markets raised shares of Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 target price for the company in a report on Wednesday, August 5th. Finally, TD Securities upgraded shares of Greenfire Resources to a “strong-buy” rating in a research note on Thursday, July 23rd. One equities research 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 given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.50.

Greenfire Resources Trading Up 2.8%

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 firm has a fifty day moving average price of $6.32 and a two-hundred day moving average price of $6.10.

Greenfire Resources (NYSE:GFR) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.31 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 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 Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Beverly Hills Private Wealth LLC increased its holdings in shares of Greenfire Resources by 161.3% in the third quarter. Beverly Hills Private Wealth LLC now owns 1,086,833 shares of the company’s stock valued at $6,141,000 after purchasing an additional 670,909 shares during the last quarter. Moerus Capital Management LLC lifted its position in Greenfire Resources by 37.9% during 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. Donald Smith & CO. Inc. purchased a new position in Greenfire Resources during the second quarter worth approximately $1,672,000. Militia Capital Management LLC acquired a new position in Greenfire Resources during the first quarter worth $1,637,000. Finally, Aegis Financial Corp boosted its stake in Greenfire Resources by 133.1% during the first quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock worth $2,639,000 after buying an additional 238,417 shares during the last quarter. 88.89% of the stock is currently owned by hedge funds and other institutional investors.

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.