Greenfire Resources Ltd. (NYSE:GFR) Stock Short Interest Report for October

Greenfire Resources Ltd. (NYSE:GFR) was the recipient of a significant increase in short interest in October. As of October 15th, there was short interest totaling 1,276,069 shares, an increase of 116.5% from the September 30th total of 589,397 shares. Currently, 1.3% of the company’s stock are short sold. Based on an average trading volume of 1,306,400 shares, the days-to-cover ratio is presently 1.0 days.

Greenfire Resources Stock Performance

Shares of GFR stock traded down $0.08 during mid-day trading on Friday, hitting $6.72. The stock had a trading volume of 827,164 shares, compared to its average volume of 1,235,172. Greenfire Resources has a fifty-two week low of $4.15 and a fifty-two week 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 company’s 50-day simple moving average is $6.36 and its 200-day simple moving average is $6.08.

Greenfire Resources (NYSE:GFR) last posted its quarterly 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 analysts’ expectations of $107.41 million.

Institutional Trading of Greenfire Resources

Several hedge funds and other institutional investors have recently made changes to their positions in GFR. Moerus Capital Management LLC boosted its stake 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 worth $14,838,000 after acquiring an additional 642,312 shares in the last quarter. Louisbourg Investments Inc. increased its stake in Greenfire Resources by 10.4% in the 3rd quarter. Louisbourg Investments Inc. now owns 730,816 shares of the company’s stock valued at $4,121,000 after purchasing an additional 68,836 shares in the last quarter. Aegis Financial Corp increased its stake in Greenfire Resources by 133.1% in the 1st quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock valued at $2,639,000 after purchasing an additional 238,417 shares in the last quarter. Donald Smith & CO. Inc. acquired a new position in Greenfire Resources during the second quarter worth $1,672,000. Finally, Militia Capital Management LLC acquired a new position in Greenfire Resources during the first quarter worth $1,637,000. Institutional investors and hedge funds own 88.89% of the company’s stock.

Analyst Upgrades and Downgrades

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

About Greenfire Resources

Greenfire Resources Ltd. (NYSE:GFR) is a Canadian energy company focused on the development and production of bitumen from the Alberta oil sands. The company operates in the Hangingstone area, approximately south of Fort McMurray, Alberta, one of Canada’s primary oil sands regions.

Greenfire’s principal assets include its Hangingstone Demonstration and Hangingstone Expansion projects. These operations use in situ production methods, including steam-assisted gravity drainage, to recover bitumen from underground deposits without conventional open-pit mining.