Greenfire Resources (NYSE:GFR) Sees Strong Trading Volume – Time to Buy?

Greenfire Resources Ltd. (NYSE:GFR) shares saw unusually-high trading volume on Friday . Approximately 567,496 shares changed hands during trading, an increase of 197% from the previous session’s volume of 191,305 shares.The stock last traded at $6.9540 and had previously closed at $6.81.

Analyst Upgrades and Downgrades

GFR has been the subject of several research analyst reports. BMO Capital Markets raised 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 began coverage on Greenfire Resources in a research note on Monday, July 6th. They set a “hold” rating for the company. TD Securities raised shares of Greenfire Resources to a “strong-buy” rating in a research note on Thursday, July 23rd. Finally, Weiss Ratings downgraded shares of Greenfire Resources from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $11.50.

Greenfire Resources Trading Up 1.8%

The business’s fifty day moving average price is $5.99 and its 200 day moving average price is $6.02. 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 market capitalization of $869.22 million, a PE ratio of -24.75 and a beta of 0.19.

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

Institutional Investors Weigh In On Greenfire Resources

Several hedge funds have recently made changes to their positions in GFR. Militia Capital Management LLC acquired a new position in Greenfire Resources in the first quarter valued at $1,637,000. Moerus Capital Management LLC boosted its holdings in shares of Greenfire Resources by 37.9% in the 1st quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock valued at $14,838,000 after purchasing an additional 642,312 shares during the last quarter. Saber Capital Managment LLC purchased a new stake in shares of Greenfire Resources during the 4th quarter valued at $3,270,000. Aegis Financial Corp grew its stake in shares of Greenfire Resources by 133.1% during the 1st quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock valued at $2,639,000 after buying an additional 238,417 shares during the period. Finally, K2 Principal Fund L.P. raised its position in shares of Greenfire Resources by 88.8% in the 4th 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 and hedge funds 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.