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

Shares of Greenfire Resources Ltd. (NYSE:GFR) saw strong trading volume on Thursday . 164,902 shares traded hands during trading, a decline of 17% from the previous session’s volume of 198,798 shares.The stock last traded at $6.3870 and had previously closed at $6.18.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GFR. Weiss Ratings restated a “sell (d)” rating on shares of Greenfire Resources in a research note on Thursday, August 13th. TD Securities raised shares of Greenfire Resources to a “strong-buy” rating in a research note 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 price target for the company in a research note on Wednesday, August 5th. Finally, Royal Bank Of Canada initiated coverage on Greenfire Resources in a report on Monday, July 6th. They issued a “hold” rating for the company. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $11.50.

Greenfire Resources Stock Performance

The stock has a market cap of $801.24 million, a PE ratio of -22.82 and a beta of 0.19. 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 50 day moving average price of $6.02 and a 200 day moving average price of $6.04.

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

Institutional Investors Weigh In On Greenfire Resources

Large investors have recently modified their holdings of the business. Militia Capital Management LLC bought a new position in shares of Greenfire Resources during the first quarter valued at approximately $1,637,000. 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. Saber Capital Managment LLC bought a new position in Greenfire Resources in the fourth quarter worth approximately $3,270,000. Aegis Financial Corp lifted its holdings 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 period. Finally, K2 Principal Fund L.P. lifted its holdings in Greenfire Resources by 88.8% during 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. Institutional investors own 88.89% of the company’s stock.

About Greenfire Resources

Greenfire Resources Ltd., together with its subsidiaries, engages in the development, exploration, and operation of oil and gas properties in the Athabasca oil sands region of Alberta. The company operates the Tier-1 oil sands assets located in Western Canada. It utilizes steam-assisted gravity drainage (SAGD) extraction technology, a situ thermal oil recovery process to recover diluted and non- diluted bitumen. The company is headquartered in Calgary, Canada.