Greenfire Resources (NYSE:GFR) Stock Rating Cut to Hold at BMO Capital Markets

Greenfire Resources (NYSE:GFR) was downgraded by stock analysts at BMO Capital Markets from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other equities analysts have also commented on the company. TD Securities lowered Greenfire Resources from a “strong-buy” rating to a “strong sell” rating in a research note on Tuesday. Weiss Ratings upgraded Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $11.50.

Greenfire Resources Price Performance

GFR stock opened at $7.71 on Tuesday. The business has a fifty day moving average price of $6.41 and a 200 day moving average price of $6.14. Greenfire Resources has a fifty-two week low of $4.15 and a fifty-two week high of $7.81. The company has a quick ratio of 0.76, a current ratio of 0.96 and a debt-to-equity ratio of 0.03.

Institutional Trading of Greenfire Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Engineers Gate Manager LP bought a new stake in Greenfire Resources during the 2nd quarter worth about $60,000. Oppenheimer & Close LLC acquired a new position in Greenfire Resources during the 3rd quarter valued at about $66,000. StoneX Group Inc. acquired a new position in Greenfire Resources during the 3rd quarter valued at about $87,000. Mraz Amerine & Associates Inc. acquired a new position in Greenfire Resources during the 3rd quarter valued at about $87,000. Finally, TD Waterhouse Canada Inc. bought a new position in shares of Greenfire Resources in the 3rd quarter valued at about $154,000. 88.89% of the stock is currently owned by institutional investors and hedge funds.

Greenfire Resources Company Profile

Greenfire Resources Ltd. is a Canadian energy company focused on developing and producing bitumen from oil sands in Alberta. Its operations use steam-assisted gravity drainage (SAGD), a thermal recovery method used to extract bitumen from underground deposits. The company’s principal asset is the Hangingstone oil sands project, south of Fort McMurray. Greenfire’s production is bitumen, which can be processed or blended for transportation and refining. Greenfire’s business is concentrated in Alberta, where it operates and seeks to develop its thermal oil sands assets.