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

Key Points

• Greenfire Resources’ trading volume surged 197% to 567,496 shares, while the stock rose to $6.954 from a $6.81 close.
• Analyst sentiment is broadly positive: the stock has a consensus “Moderate Buy” rating and an average price target of $11.50, despite ratings ranging from Strong Buy to Sell.
• The company exceeded quarterly expectations, reporting $0.31 in EPS versus $0.01 expected and revenue of $123.86 million versus $107.41 million anticipated; institutional investors own 88.89% of its shares.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report) saw an uptick in trading volume on Friday . 567,496 shares traded hands during mid-day trading, an increase of 197% from the previous session's volume of 191,305 shares.The stock last traded at $6.9540 and had previously closed at $6.81.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GFR. TD Securities raised Greenfire Resources to a "strong-buy" rating in a research note 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 on the stock in a research note on Wednesday, August 5th. Weiss Ratings lowered Greenfire Resources from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, May 18th. Finally, Royal Bank Of Canada began coverage on Greenfire Resources in a research report on Monday, July 6th. They issued a "hold" rating for the company. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $11.50.

Greenfire Resources Price Performance

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 stock has a market capitalization of $869.22 million, a price-to-earnings ratio of -24.72 and a beta of 0.19. The company has a 50-day moving average of $5.96 and a 200-day moving average of $6.01.

Greenfire Resources (NYSE:GFR - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.31 EPS for the quarter, beating analysts' consensus estimates 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

A number of large investors have recently made changes to their positions in the stock. Deltroit Asset Management UK LLP acquired a new position in Greenfire Resources in the 4th quarter valued at about $48,000. Raffles Associates LP acquired a new stake in shares of Greenfire Resources during the 4th quarter worth about $50,000. WINTON GROUP Ltd purchased a new stake in shares of Greenfire Resources during the fourth quarter worth about $64,000. Jane Street Group LLC purchased a new stake in shares of Greenfire Resources during the fourth quarter worth about $74,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in shares of Greenfire Resources in the first quarter valued at approximately $141,000. Institutional investors and hedge funds own 88.89% of the company's stock.

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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