Greenfire Resources (NYSE:GFR) Shares Up 5.1% – Here’s Why

Greenfire Resources Ltd. (NYSE:GFR) shot up 5.1% on Wednesday . The company traded as high as $6.55 and last traded at $6.5450. 1,692,111 shares were traded during trading, an increase of 520% from the average daily volume of 272,920 shares. The stock had previously closed at $6.23.

Analyst Ratings Changes

Several research analysts have recently commented on GFR shares. Royal Bank Of Canada started coverage on Greenfire Resources in a report on Monday, July 6th. They set a “hold” rating on the stock. BMO Capital Markets raised shares of Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price target for the company in a research note on Wednesday, August 5th. TD Securities raised shares of Greenfire Resources to a “strong-buy” rating in a research report on Thursday, July 23rd. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Greenfire Resources in a research note on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Greenfire Resources presently has an average rating of “Moderate Buy” and an average target price of $11.50.

Greenfire Resources Stock Down 2.6%

The business’s 50 day moving average price is $6.23 and its 200-day moving average price is $6.09. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.76 and a current ratio of 0.96. The firm has a market capitalization of $780.68 million, a PE ratio of -22.23 and a beta of 0.18.

Greenfire Resources (NYSE:GFR) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.30. The firm had revenue of $123.86 million during the quarter, compared to analysts’ expectations 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

A number of institutional investors have recently modified their holdings of GFR. Deltroit Asset Management UK LLP purchased a new position in Greenfire Resources in the 4th quarter valued at approximately $48,000. Raffles Associates LP acquired a new stake in shares of Greenfire Resources in the fourth quarter valued at $50,000. Engineers Gate Manager LP acquired a new stake in shares of Greenfire Resources in the second quarter valued at $60,000. WINTON GROUP Ltd purchased a new position in Greenfire Resources in the fourth quarter valued at $64,000. Finally, Jane Street Group LLC acquired a new position in Greenfire Resources during the 4th quarter worth $74,000. 88.89% of the stock is owned by institutional investors and hedge funds.

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.