Greenfire Resources (NYSE:GFR) Sets New 12-Month High – Here’s What Happened

Greenfire Resources Ltd. (NYSE:GFR)’s share price reached 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. The stock had previously closed at $6.65.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GFR. Royal Bank Of Canada assumed coverage on shares of Greenfire Resources in a report on Monday, July 6th. They issued a “hold” rating for the company. BMO Capital Markets upgraded Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price objective on the stock in a research report on Wednesday, August 5th. Weiss Ratings lowered Greenfire Resources from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 18th. Finally, TD Securities upgraded Greenfire Resources to a “strong-buy” rating in a report on Thursday, July 23rd. 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 given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.50.

Greenfire Resources Stock Up 6.3%

The company has a 50-day simple moving average of $5.92 and a 200-day simple moving average of $5.99. The firm has a market cap of $886.63 million, a PE ratio of -25.25 and a beta of 0.19. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.96 and a quick ratio of 0.76.

Greenfire Resources (NYSE:GFR) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.31 earnings per share 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 firm had revenue of $123.86 million for the quarter, compared to the consensus estimate of $107.41 million.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GFR. Militia Capital Management LLC bought a new stake in shares of Greenfire Resources during the first quarter valued at approximately $1,637,000. Moerus Capital Management LLC boosted its holdings 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 purchasing an additional 642,312 shares during the period. Saber Capital Managment LLC bought a new position in Greenfire Resources in the fourth quarter worth approximately $3,270,000. Aegis Financial Corp grew its stake in Greenfire Resources by 133.1% in the first quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock worth $2,639,000 after purchasing an additional 238,417 shares in the last quarter. Finally, K2 Principal Fund L.P. increased its holdings in Greenfire Resources by 88.8% during the 4th quarter. K2 Principal Fund L.P. now owns 845,285 shares of the company’s stock worth $4,024,000 after purchasing an additional 397,685 shares during the period. 88.89% of the stock is currently owned by institutional investors.

Greenfire Resources Company Profile

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.