Greenfire Resources (NYSE:GFR) Sees Large Volume Increase – Still a Buy?

Greenfire Resources Ltd. (NYSE:GFR) shares saw an uptick in trading volume on Tuesday. Approximately 815,013 shares changed hands during trading, an increase of 54% from the average daily volume of 529,969 shares. The stock last traded at $7.7050 and had previously closed at $7.73.

Analyst Upgrades and Downgrades

GFR has been the subject of a number of recent research reports. TD Securities lowered Greenfire Resources from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday. BMO Capital Markets lowered Greenfire Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Finally, Weiss Ratings raised Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Greenfire Resources has a consensus rating of “Reduce” and a consensus price target of $11.50.

Greenfire Resources Price Performance

The stock has a market cap of $966.66 million, a PE ratio of -25.69 and a beta of 0.16. 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 business has a 50 day moving average price of $6.41 and a two-hundred day moving average price of $6.14.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Moerus Capital Management LLC increased its position in shares of Greenfire Resources by 37.9% during the 1st quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock valued at $14,838,000 after purchasing an additional 642,312 shares during the last quarter. Saber Capital Management LLC boosted its holdings in shares of Greenfire Resources by 71.9% in the 3rd quarter. Saber Capital Management LLC now owns 1,160,863 shares of the company’s stock worth $6,559,000 after buying an additional 485,627 shares during the last quarter. Beverly Hills Private Wealth LLC boosted its holdings in shares of Greenfire Resources by 161.3% in the 3rd quarter. Beverly Hills Private Wealth LLC now owns 1,086,833 shares of the company’s stock worth $6,141,000 after buying an additional 670,909 shares during the last quarter. Louisbourg Investments Inc. boosted its holdings in shares of Greenfire Resources by 10.4% in the 3rd quarter. Louisbourg Investments Inc. now owns 730,816 shares of the company’s stock worth $4,121,000 after buying an additional 68,836 shares during the last quarter. Finally, Aegis Financial Corp grew its position in Greenfire Resources by 133.1% during the first quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock valued at $2,639,000 after buying an additional 238,417 shares during the period. Hedge funds and other institutional investors own 88.89% of the company’s stock.

About Greenfire Resources

Greenfire Resources Ltd. is a Canadian energy company focused on developing and producing bitumen from oil sands in Alberta. Its operations use steam-assisted gravity drainage (SAGD), a thermal recovery method used to extract bitumen from underground deposits. The company’s principal asset is the Hangingstone oil sands project, south of Fort McMurray. Greenfire’s production is bitumen, which can be processed or blended for transportation and refining. Greenfire’s business is concentrated in Alberta, where it operates and seeks to develop its thermal oil sands assets.