Greenfire Resources (NYSE:GFR) Sees Strong Trading Volume – Time to Buy?

Greenfire Resources Ltd. (NYSE:GFR) saw strong trading volume on Wednesday. 1,370,137 shares were traded during trading, an increase of 223% from the previous session’s volume of 423,946 shares. The stock last traded at $6.5750 and had previously closed at $6.78.

Analysts Set New Price Targets

A number of analysts have recently weighed in on GFR shares. Weiss Ratings upgraded shares of Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Royal Bank Of Canada started coverage on Greenfire Resources in a research note on Monday, July 6th. They set a “hold” rating on the stock. TD Securities upgraded Greenfire Resources to a “strong-buy” rating in a research report on Thursday, July 23rd. Finally, BMO Capital Markets raised Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price objective for the company in a research note on Wednesday, August 5th. One 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, Greenfire Resources currently has a consensus rating of “Moderate Buy” and an average target price of $11.50.

Greenfire Resources Price Performance

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 company has a market capitalization of $821.81 million, a PE ratio of -23.30 and a beta of 0.19. The firm’s 50 day simple moving average is $6.29 and its 200 day simple moving average is $6.09.

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, topping 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 firm had revenue of $123.86 million during the quarter, compared to analyst estimates of $107.41 million.

Institutional Trading of Greenfire Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Engineers Gate Manager LP bought a new position in shares of Greenfire Resources during the 2nd quarter worth $60,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Greenfire Resources during the first quarter valued at $141,000. Renaissance Technologies LLC increased its stake in shares of Greenfire Resources by 25.7% during the first quarter. Renaissance Technologies LLC now owns 161,262 shares of the company’s stock valued at $1,019,000 after buying an additional 32,962 shares during the period. Bank of America Corp DE raised its holdings in shares of Greenfire Resources by 2,709.5% in 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. Finally, Walleye Capital LLC bought a new stake in shares of Greenfire Resources in the first quarter valued at about $378,000. 88.89% of the stock is owned by hedge funds and other institutional investors.

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.