Greenfire Resources (NYSE:GFR) Shares Climb 3.9% – Still a Buy?

Shares of Greenfire Resources Ltd. (NYSE:GFR) were up 3.9% on Thursday. The stock traded as high as $6.33 and last traded at $6.3150. 181,816 shares changed hands during trading, a decline of 51% from the average daily volume of 370,818 shares. The stock had previously closed at $6.08.

Analyst Ratings Changes

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

Greenfire Resources Trading Down 4.9%

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 company’s 50-day moving average price is $6.36 and its 200-day moving average price is $6.13. The firm has a market capitalization of $737.03 million, a PE ratio of -20.99 and a beta of 0.18.

Greenfire Resources (NYSE:GFR) last posted its earnings results on Wednesday, August 5th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.01 by $0.30. The firm had revenue of $123.86 million for 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 Investors Weigh In On Greenfire Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Moerus Capital Management LLC lifted its stake in Greenfire Resources by 37.9% during the first 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. K2 Principal Fund L.P. raised its holdings in Greenfire Resources by 88.8% during the fourth 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 in the last quarter. Saber Capital Managment LLC acquired a new stake in Greenfire Resources during the fourth quarter worth approximately $3,270,000. Aegis Financial Corp lifted its position 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 worth $2,639,000 after buying an additional 238,417 shares during the last quarter. Finally, Donald Smith & CO. Inc. purchased a new stake in shares of Greenfire Resources during the 2nd quarter worth approximately $1,672,000. Institutional investors and hedge funds own 88.89% of the company’s stock.

Greenfire Resources Company Profile

Greenfire Resources Ltd. (NYSE: GFR) is a Canadian energy company focused on the development and production of bitumen from the Athabasca oil sands in Alberta, Canada. The company’s operations are centered on thermal oil sands projects that use steam-assisted gravity drainage (SAGD) technology to recover bitumen from underground reservoirs.

Greenfire’s principal assets include the Hangingstone Expansion and Hangingstone Demonstration projects, located south of Fort McMurray, Alberta. The company operates its facilities and produces bitumen, which can be transported to market for upgrading or refining into crude oil and other petroleum products.

The company has historically focused on advancing oil sands assets with established infrastructure and production potential.