Greenfire Resources (NYSE:GFR) Sees Strong Trading Volume – What’s Next?

Shares of Greenfire Resources Ltd. (NYSE:GFR) saw unusually-high trading volume on Thursday. Approximately 600,187 shares were traded during trading, an increase of 55% from the previous session’s volume of 387,412 shares. The stock last traded at $6.1990 and had previously closed at $6.14.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. 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 raised shares of Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 target price on the stock in a report on Wednesday, August 5th. TD Securities upgraded shares of Greenfire Resources to a “strong-buy” rating in a research report on Thursday, July 23rd. Finally, Weiss Ratings raised shares of Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Greenfire Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.50.

Greenfire Resources Trading Up 1.8%

The company has a debt-to-equity ratio of 0.03, a current ratio of 0.96 and a quick ratio of 0.76. The firm’s 50 day moving average is $6.27 and its 200 day moving average is $6.10. The company has a market capitalization of $798.86 million, a PE ratio of -22.75 and a beta of 0.19.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Engineers Gate Manager LP bought a new stake in shares of Greenfire Resources in the 2nd quarter worth approximately $60,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Greenfire Resources during the first quarter valued at approximately $141,000. Bank of America Corp DE raised its holdings in shares of Greenfire Resources by 2,709.5% during the first quarter. Bank of America Corp DE now owns 42,142 shares of the company’s stock valued at $266,000 after acquiring an additional 40,642 shares in the last quarter. Walleye Capital LLC purchased a new stake in Greenfire Resources in the first quarter worth $378,000. Finally, Aegis Financial Corp purchased a new stake in Greenfire Resources in the fourth quarter worth $853,000. Hedge funds and other institutional investors own 88.89% of the company’s stock.

Greenfire Resources Company Profile

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.