Greenfire Resources (NYSE:GFR) Stock Dropped to Hold by BMO Capital Markets

BMO Capital Markets downgraded shares of Greenfire Resources (NYSE:GFR) from a strong-buy rating to a hold rating in a research note published on Tuesday,Zacks reports.

Other research analysts also recently issued research reports about the stock. TD Securities downgraded shares of Greenfire Resources from a “strong-buy” rating to a “strong sell” rating in a research note on Tuesday. Weiss Ratings raised shares of Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $11.50.

Greenfire Resources Stock Performance

Shares of Greenfire Resources stock opened at $7.71 on Tuesday. 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 stock’s fifty day moving average is $6.41 and its two-hundred day moving average is $6.14. Greenfire Resources has a 52 week low of $4.15 and a 52 week high of $7.81. The company has a market capitalization of $966.66 million, a PE ratio of -25.69 and a beta of 0.16.

Institutional Investors Weigh In On Greenfire Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. Beverly Hills Private Wealth LLC lifted its holdings in shares of Greenfire Resources by 161.3% in the 3rd quarter. Beverly Hills Private Wealth LLC now owns 1,086,833 shares of the company’s stock worth $6,141,000 after buying an additional 670,909 shares during the period. Moerus Capital Management LLC increased 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 buying an additional 642,312 shares during the period. Saber Capital Management LLC raised its holdings in shares of Greenfire Resources by 71.9% in the third quarter. Saber Capital Management LLC now owns 1,160,863 shares of the company’s stock valued at $6,559,000 after acquiring an additional 485,627 shares in the last quarter. Donald Smith & CO. Inc. bought a new stake in shares of Greenfire Resources in the second quarter valued at about $1,672,000. Finally, Militia Capital Management LLC bought a new position in Greenfire Resources during the 1st quarter worth about $1,637,000. 88.89% of the stock is owned by institutional investors.

About Greenfire Resources

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.