Greenfire Resources (NYSE:GFR) Reaches New 1-Year High - Time to Buy?

Key Points

• Greenfire Resources reached a new 52-week high of $7.08, up from its previous close of $6.65, with 264,008 shares traded.
• Analyst sentiment is generally positive: the stock has a consensus “Moderate Buy” rating and an average price target of $11.50, although ratings range from Strong Buy to Sell.
• The company exceeded quarterly expectations, reporting EPS of $0.31 versus $0.01 expected and revenue of $123.86 million versus $107.41 million expected. Hedge funds and other institutions own 88.89% of the shares.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $7.08 and last traded at $7.08, with a volume of 264008 shares changing hands. The stock had previously closed at $6.65.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. TD Securities upgraded Greenfire Resources to a "strong-buy" rating in a research report on Thursday, July 23rd. BMO Capital Markets upgraded Greenfire Resources from a "market perform" rating to an "outperform" rating and set a $11.50 price target for the company in a research note on Wednesday, August 5th. Weiss Ratings downgraded Greenfire Resources from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, May 18th. Finally, Royal Bank Of Canada initiated coverage on shares of Greenfire Resources in a research report on Monday, July 6th. They set a "hold" rating on the stock. One investment 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 assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $11.50.

Greenfire Resources Price Performance

The firm has a market cap of $886.63 million, a P/E ratio of -25.25 and a beta of 0.19. The firm's fifty day simple moving average is $5.92 and its 200 day simple moving average is $5.99. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.76 and a current ratio of 0.96.

Greenfire Resources (NYSE:GFR - Get Free Report) last issued 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. The firm had revenue of $123.86 million for the quarter, compared to analysts' expectations of $107.41 million. Greenfire Resources had a negative return on equity of 3.50% and a negative net margin of 6.36%.

Institutional Trading of Greenfire Resources

Several hedge funds have recently modified their holdings of GFR. Donald Smith & CO. Inc. bought a new position in shares of Greenfire Resources during the 2nd quarter valued at approximately $1,672,000. Militia Capital Management LLC bought a new stake in Greenfire Resources in the first quarter worth $1,637,000. Bank of America Corp DE raised its stake in 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 purchasing an additional 40,642 shares in the last quarter. Renaissance Technologies LLC raised its stake in 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 purchasing an additional 32,962 shares in the last quarter. Finally, Moerus Capital Management LLC raised its stake in Greenfire Resources by 37.9% during the first 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 in the last quarter. 88.89% of the stock is owned by hedge funds and other institutional investors.

About Greenfire Resources

Greenfire Resources Ltd., together with its subsidiaries, engages in the development, exploration, and operation of oil and gas properties in the Athabasca oil sands region of Alberta. The company operates the Tier-1 oil sands assets located in Western Canada. It utilizes steam-assisted gravity drainage (SAGD) extraction technology, a situ thermal oil recovery process to recover diluted and non- diluted bitumen. The company is headquartered in Calgary, Canada.

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