Greenfire Resources (NYSE:GFR) Posts Quarterly Earnings Results, Beats Expectations By $0.30 EPS

Greenfire Resources (NYSE:GFR) announced its earnings results on Wednesday. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.30, Zacks reports. The firm had revenue of $123.86 million for the quarter, compared to analysts’ expectations of $107.41 million. Greenfire Resources had a negative net margin of 6.36% and a negative return on equity of 3.59%.

Greenfire Resources Trading Down 4.7%

Shares of GFR stock traded down $0.30 during trading hours on Friday, reaching $6.13. 128,855 shares of the stock were exchanged, compared to its average volume of 179,387. Greenfire Resources has a 12-month low of $4.14 and a 12-month high of $7.02. The company has a current ratio of 0.66, a quick ratio of 0.54 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average price is $5.89 and its 200-day moving average price is $5.96. The firm has a market capitalization of $768.26 million, a price-to-earnings ratio of -21.88 and a beta of 0.19.

Institutional Trading of Greenfire Resources

Institutional investors have recently added to or reduced their stakes in the company. BW Gestao de Investimentos Ltda. boosted its position in shares of Greenfire Resources by 95.8% during the second quarter. BW Gestao de Investimentos Ltda. now owns 3,296,823 shares of the company’s stock valued at $14,704,000 after buying an additional 1,613,198 shares during the period. Moerus Capital Management LLC bought a new stake in shares of Greenfire Resources during the 4th quarter worth approximately $8,082,000. Bank of Montreal Can lifted its stake in shares of Greenfire Resources by 165.8% during the 4th quarter. Bank of Montreal Can now owns 1,012,920 shares of the company’s stock worth $4,821,000 after acquiring an additional 631,848 shares during the last quarter. UBS Group AG boosted its holdings in Greenfire Resources by 14.0% during the 3rd quarter. UBS Group AG now owns 607,419 shares of the company’s stock valued at $2,806,000 after acquiring an additional 74,522 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in Greenfire Resources by 15.9% during the 4th quarter. Renaissance Technologies LLC now owns 128,300 shares of the company’s stock valued at $611,000 after acquiring an additional 17,600 shares during the period. Institutional investors own 88.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on GFR. TD Securities raised Greenfire Resources to a “strong-buy” rating in a research note on Thursday, July 23rd. Weiss Ratings lowered Greenfire Resources from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 18th. BMO Capital Markets upgraded Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 target price for the company in a report on Wednesday. Finally, Royal Bank Of Canada began coverage on Greenfire Resources in a research report on Monday, July 6th. They set a “hold” rating on the stock. One 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $11.50.

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.