Greenfire Resources (NYSE:GFR) Shares Down 5.3% – Here’s What Happened

Greenfire Resources Ltd. (NYSE:GFR) shares traded down 5.3% on Wednesday . The stock traded as low as $6.63 and last traded at $6.56. Approximately 524,062 shares changed hands during trading, an increase of 57% from the average daily volume of 333,191 shares. The stock had previously closed at $6.93.

Wall Street Analyst Weigh In

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

Greenfire Resources Stock Performance

The business’s fifty day moving average is $6.30 and its two-hundred day moving average is $6.11. The stock has a market capitalization of $834.60 million, a PE ratio of -23.76 and a beta of 0.18. The company has a quick ratio of 0.76, a current ratio of 0.96 and a debt-to-equity ratio of 0.03.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Deltroit Asset Management UK LLP bought a new stake in shares of Greenfire Resources in the 4th quarter valued at approximately $48,000. Engineers Gate Manager LP bought a new position in shares of Greenfire Resources during the 2nd quarter valued at approximately $60,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Greenfire Resources during the 1st quarter valued at $141,000. Avise Financial Cooperative Inc. bought a new stake in Greenfire Resources in the fourth quarter worth $160,000. Finally, Bank of America Corp DE boosted its stake in Greenfire Resources by 2,709.5% during the first quarter. Bank of America Corp DE now owns 42,142 shares of the company’s stock worth $266,000 after buying an additional 40,642 shares during the period. Hedge funds and other institutional investors own 88.89% of the company’s stock.

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.