Greenfire Resources (NYSE:GFR) Posts Earnings Results, Beats Estimates By $0.19 EPS

Key Points

• Greenfire Resources reported a quarterly earnings per share of $0.50, surpassing estimates by $0.19.
• The company has a net margin of 28.61% and a return on equity of 24.62%.
• Institutional ownership in Greenfire Resources has increased, with the Royal Bank of Canada raising its position by 6,363.6%.

Greenfire Resources (NYSE:GFR - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.19, Zacks reports. Greenfire Resources had a return on equity of 24.62% and a net margin of 28.61%.

Greenfire Resources Price Performance

NYSE:GFR traded down $0.1750 during trading hours on Tuesday, hitting $4.4150. The company's stock had a trading volume of 19,274 shares, compared to its average volume of 20,333. The business's 50-day moving average is $4.56 and its two-hundred day moving average is $4.96. The company has a market capitalization of $306.71 million, a PE ratio of 2.16 and a beta of 0.28. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.54 and a current ratio of 2.82. Greenfire Resources has a 52-week low of $3.81 and a 52-week high of $8.16.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Greenfire Resources stock. BW Gestao de Investimentos Ltda. boosted its holdings in Greenfire Resources Ltd. (NYSE:GFR - Free Report) by 95.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,296,823 shares of the company's stock after acquiring an additional 1,613,198 shares during the quarter. Greenfire Resources comprises approximately 0.6% of BW Gestao de Investimentos Ltda.'s portfolio, making the stock its 28th biggest holding. BW Gestao de Investimentos Ltda. owned about 4.75% of Greenfire Resources worth $14,704,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 88.89% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets reaffirmed an "outperform" rating on shares of Greenfire Resources in a report on Wednesday, May 7th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy".

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.