Greenfire Resources (NYSE:GFR) Sees Large Volume Increase – Time to Buy?

Greenfire Resources Ltd. (NYSE:GFR) saw unusually-strong trading volume on Wednesday. Approximately 1,370,137 shares traded hands during trading, an increase of 223% from the previous session’s volume of 423,946 shares. The stock last traded at $6.5750 and had previously closed at $6.78.

Wall Street Analyst Weigh In

GFR has been the topic of a number of research reports. TD Securities upgraded Greenfire Resources to a “strong-buy” rating in a 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 target price for the company in a research report on Wednesday, August 5th. Weiss Ratings upgraded shares of Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. 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 on the stock. One equities research 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.50.

Greenfire Resources Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 0.96 and a quick ratio of 0.76. The company’s 50-day simple moving average is $6.31 and its 200-day simple moving average is $6.09. The company has a market cap of $816.54 million, a price-to-earnings ratio of -23.25 and a beta of 0.19.

Greenfire Resources (NYSE:GFR) last posted its quarterly earnings data 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. The company had revenue of $123.86 million for the quarter, compared to analyst estimates of $107.41 million. Greenfire Resources had a negative net margin of 6.36% and a negative return on equity of 3.50%.

Hedge Funds Weigh In On Greenfire Resources

Institutional investors have recently added to or reduced their stakes in the company. Moerus Capital Management LLC grew its stake in shares of Greenfire Resources by 37.9% during the first quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock valued at $14,838,000 after acquiring an additional 642,312 shares in the last quarter. Aegis Financial Corp lifted its stake in shares of Greenfire Resources by 133.1% in the first quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock worth $2,639,000 after acquiring an additional 238,417 shares in the last quarter. Donald Smith & CO. Inc. acquired a new position in shares of Greenfire Resources in the second quarter worth about $1,672,000. Militia Capital Management LLC purchased a new position in Greenfire Resources in the first quarter valued at about $1,637,000. Finally, Renaissance Technologies LLC boosted its holdings in Greenfire Resources by 25.7% in the first quarter. Renaissance Technologies LLC now owns 161,262 shares of the company’s stock valued at $1,019,000 after purchasing an additional 32,962 shares during the last quarter. Institutional investors and hedge funds own 88.89% of the company’s stock.

About Greenfire Resources

Greenfire Resources Ltd. is a Canadian energy company focused on the development and production of bitumen from the Athabasca oil sands in Alberta. The company uses thermal recovery methods, including steam-assisted gravity drainage (SAGD), to produce heavy oil that can be processed into marketable crude oil products.

Greenfire’s principal assets are the Hangingstone Expansion and Hangingstone Demonstration oil sands projects, located south of Fort McMurray, Alberta. These facilities are designed to recover bitumen from the company’s resource leases, with production supported by steam generation, extraction, and related oil sands infrastructure.

Headquartered in Calgary, Alberta, Greenfire serves energy markets through the production and sale of bitumen and heavy crude oil.