Greenfire Resources Ltd. (NYSE:GFR) Sees Significant Growth in Short Interest

Greenfire Resources Ltd. (NYSE:GFR) was the target of a large increase in short interest in August. As of August 31st, there was short interest totaling 1,744,086 shares, an increase of 102.5% from the August 15th total of 861,228 shares. Approximately 1.7% of the shares of the stock are sold short. Based on an average daily volume of 816,416 shares, the days-to-cover ratio is presently 2.1 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Engineers Gate Manager LP purchased a new position in shares of Greenfire Resources during the 2nd quarter worth about $60,000. Donald Smith & CO. Inc. bought a new stake in Greenfire Resources in the second quarter worth about $1,672,000. Militia Capital Management LLC purchased a new position in shares of Greenfire Resources during the first quarter valued at approximately $1,637,000. Bank of America Corp DE boosted its position 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 buying an additional 40,642 shares during the period. Finally, Renaissance Technologies LLC grew 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 last quarter. 88.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. BMO Capital Markets upgraded 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 reiterated a “sell (d)” rating on shares of Greenfire Resources in a research report on Thursday, August 13th. Royal Bank Of Canada initiated coverage on Greenfire Resources in a research note on Monday, July 6th. They set a “hold” rating for the company. Finally, TD Securities upgraded Greenfire Resources to a “strong-buy” rating in a report on Thursday, July 23rd. 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 issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.50.

Greenfire Resources Trading Down 4.5%

GFR traded down $0.32 on Wednesday, hitting $6.62. The company had a trading volume of 683,130 shares, compared to its average volume of 333,880. The company has a market cap of $829.59 million, a PE ratio of -23.62 and a beta of 0.18. Greenfire Resources has a 12-month low of $4.15 and a 12-month high of $7.16. 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 business’s fifty day simple moving average is $6.30 and its 200 day simple moving average is $6.11.

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

About Greenfire Resources

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.