Greenfire Resources (NYSE:GFR) Shares Gap Up – Time to Buy?

Greenfire Resources Ltd. (NYSE:GFR) gapped up prior to trading on Wednesday. The stock had previously closed at $5.99, but opened at $6.24. Greenfire Resources shares last traded at $6.14, with a volume of 31,560 shares changing hands.

Wall Street Analysts Forecast Growth

GFR has been the subject of several research reports. TD Securities upgraded shares of Greenfire Resources to a “strong-buy” rating in a research note on Thursday, July 23rd. Weiss Ratings reissued a “sell (d)” rating on shares of Greenfire Resources in a report on Thursday, August 13th. BMO Capital Markets upgraded shares of Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 target price for the company in a research report on Wednesday, August 5th. Finally, 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. One research 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. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $11.50.

Greenfire Resources Stock Performance

The firm has a 50-day moving average of $6.27 and a two-hundred day moving average of $6.11. 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 company has a market capitalization of $771.27 million, a PE ratio of -22.04 and a beta of 0.19.

Greenfire Resources (NYSE:GFR) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.31 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $107.41 million.

Hedge Funds Weigh In On Greenfire Resources

Large investors have recently made changes to their positions in the company. Saber Capital Managment LLC purchased a new position in Greenfire Resources during the fourth quarter worth approximately $3,270,000. Moerus Capital Management LLC increased its position in shares of Greenfire Resources by 37.9% in 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 in the last quarter. K2 Principal Fund L.P. increased 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 buying an additional 397,685 shares in the last quarter. Donald Smith & CO. Inc. acquired a new position in shares of Greenfire Resources during the 2nd quarter worth approximately $1,672,000. Finally, Militia Capital Management LLC acquired a new position in shares of Greenfire Resources during the 1st quarter worth approximately $1,637,000. 88.89% of the stock is currently owned by institutional investors and hedge funds.

About Greenfire Resources

Greenfire Resources Ltd. is a Canadian energy company focused on the development and production of bitumen from the Athabasca oil sands in Alberta. The company uses thermal recovery methods, including steam-assisted gravity drainage (SAGD), to produce heavy oil that can be processed into marketable crude oil products.

Greenfire’s principal assets are the Hangingstone Expansion and Hangingstone Demonstration oil sands projects, located south of Fort McMurray, Alberta. These facilities are designed to recover bitumen from the company’s resource leases, with production supported by steam generation, extraction, and related oil sands infrastructure.

Headquartered in Calgary, Alberta, Greenfire serves energy markets through the production and sale of bitumen and heavy crude oil.