Greenfire Resources (NYSE:GFR) Hits New 52-Week High – Still a Buy?

Greenfire Resources Ltd. (NYSE:GFR) shares hit a new 52-week high on Wednesday . The company traded as high as $7.08 and last traded at $7.08, with a volume of 264008 shares traded. The stock had previously closed at $6.65.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GFR. 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 on the stock in a research note on Wednesday, August 5th. Royal Bank Of Canada started coverage on shares of Greenfire Resources in a report on Monday, July 6th. They issued a “hold” rating on the stock. Finally, Weiss Ratings cut shares of Greenfire Resources from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Greenfire Resources has a consensus rating of “Moderate Buy” and a consensus price target of $11.50.

Greenfire Resources Price Performance

The company has a current ratio of 0.96, a quick ratio of 0.76 and a debt-to-equity ratio of 0.03. The company has a 50 day moving average price of $5.96 and a 200 day moving average price of $6.01. The company has a market capitalization of $877.87 million, a P/E ratio of -25.05 and a beta of 0.19.

Greenfire Resources (NYSE:GFR) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $123.86 million for the quarter, compared to analysts’ expectations of $107.41 million.

Hedge Funds Weigh In On Greenfire Resources

Several large investors have recently modified their holdings of the stock. Moerus Capital Management LLC acquired a new position in Greenfire Resources in the 4th quarter valued at about $8,082,000. BW Gestao de Investimentos Ltda. boosted its holdings 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 worth $14,704,000 after acquiring an additional 1,613,198 shares during the period. Saber Capital Managment LLC bought a new stake in shares of Greenfire Resources during the fourth quarter worth approximately $3,270,000. Bank of Montreal Can grew its position in shares of Greenfire Resources by 165.8% in the fourth quarter. Bank of Montreal Can now owns 1,012,920 shares of the company’s stock valued at $4,821,000 after purchasing an additional 631,848 shares during the last quarter. Finally, K2 Principal Fund L.P. grew its position in shares of Greenfire Resources by 88.8% in the fourth quarter. K2 Principal Fund L.P. now owns 845,285 shares of the company’s stock valued at $4,024,000 after purchasing an additional 397,685 shares during the last quarter. 88.89% of the stock is owned by institutional investors.

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.