Greenfire Resources (NYSE:GFR) Sees Large Volume Increase – Still a Buy?

Greenfire Resources Ltd. (NYSE:GFR) shares saw strong trading volume on Wednesday . 303,307 shares traded hands during mid-day trading, an increase of 39% from the previous session’s volume of 218,465 shares.The stock last traded at $6.17 and had previously closed at $6.22.

Analysts Set New Price Targets

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

Greenfire Resources Price Performance

The stock has a fifty day moving average of $6.10 and a 200 day moving average of $6.07. The stock has a market cap of $769.26 million, a price-to-earnings ratio of -21.91 and a beta of 0.19. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.96 and a quick ratio of 0.76.

Greenfire Resources (NYSE:GFR) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate 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

Institutional investors have recently made changes to their positions in the business. Donald Smith & CO. Inc. purchased a new position in shares of Greenfire Resources during the 2nd quarter valued at about $1,672,000. Militia Capital Management LLC purchased a new stake in shares of Greenfire Resources in the first quarter worth about $1,637,000. Moerus Capital Management LLC grew its holdings 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 acquiring an additional 642,312 shares during the period. Aegis Financial Corp grew 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 acquiring an additional 238,417 shares during the period. Finally, Saber Capital Managment LLC purchased a new position in Greenfire Resources during the fourth quarter valued at approximately $3,270,000. Hedge funds and other institutional investors own 88.89% of the company’s stock.

Greenfire Resources Company Profile

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.