Greenfire Resources (NYSE:GFR) Shares Gap Down – Time to Sell?

Greenfire Resources Ltd. (NYSE:GFR) shares gapped down before the market opened on Monday . The stock had previously closed at $6.94, but opened at $6.03. Greenfire Resources shares last traded at $6.1210, with a volume of 50,038 shares traded.

Analysts Set New Price Targets

A number of research analysts have weighed in on GFR shares. Weiss Ratings restated a “sell (d)” rating on shares of Greenfire Resources in a report on Thursday, August 13th. Royal Bank Of Canada began coverage on shares of Greenfire Resources in a research report on Monday, July 6th. They issued a “hold” rating for the company. BMO Capital Markets raised shares of Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price target on the stock in a research note on Wednesday, August 5th. Finally, TD Securities upgraded shares of Greenfire Resources to a “strong-buy” rating in a research report on Thursday, July 23rd. 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 issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.50.

Greenfire Resources Price Performance

The company’s 50-day moving average price is $6.02 and its 200-day moving average price is $6.04. 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 cap of $802.62 million, a price-to-earnings ratio of -22.86 and a beta of 0.19.

Greenfire Resources (NYSE:GFR) last released its earnings results on Wednesday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.30. The firm had revenue of $123.86 million during the quarter, compared to analyst estimates of $107.41 million. Greenfire Resources had a negative return on equity of 3.50% and a negative net margin of 6.36%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Donald Smith & CO. Inc. purchased a new position in shares of Greenfire Resources during the second quarter worth approximately $1,672,000. Militia Capital Management LLC acquired a new stake in Greenfire Resources during the 1st quarter worth $1,637,000. Bank of America Corp DE boosted its stake in Greenfire Resources by 2,709.5% during the 1st quarter. Bank of America Corp DE now owns 42,142 shares of the company’s stock worth $266,000 after purchasing an additional 40,642 shares during the period. Renaissance Technologies LLC grew its position in Greenfire Resources by 25.7% during the 1st quarter. Renaissance Technologies LLC now owns 161,262 shares of the company’s stock worth $1,019,000 after purchasing an additional 32,962 shares during the last quarter. Finally, Moerus Capital Management LLC grew its position in Greenfire Resources by 37.9% during the 1st quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock worth $14,838,000 after purchasing an additional 642,312 shares during the last quarter. Hedge funds and other institutional investors 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.