Greenfire Resources (NYSE:GFR) Sees Strong Trading Volume - Should You Buy?

Key Points

• Trading volume surged 221% to approximately 569,617 shares, while Greenfire Resources shares rose modestly to $6.415 from a $6.33 close.
• Analyst sentiment is mixed: TD Securities issued a “strong-buy” rating, while RBC rated the stock “hold” and Weiss Ratings maintained a “sell” view. MarketBeat’s overall consensus rating is “Hold.”
• The company reported a substantial quarterly loss, with EPS of negative $0.42 versus expectations of positive $0.06, and revenue of $34.81 million versus the $104.27 million consensus estimate. Institutional investors own 88.89% of the stock, with several major funds increasing their positions.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report) saw unusually-high trading volume on Friday . Approximately 569,617 shares changed hands during mid-day trading, an increase of 221% from the previous session's volume of 177,656 shares.The stock last traded at $6.4150 and had previously closed at $6.33.

Wall Street Analysts Forecast Growth

GFR has been the topic of a number of recent research reports. TD Securities raised shares of Greenfire Resources to a "strong-buy" rating in a research report on Thursday, July 23rd. Royal Bank Of Canada began coverage on shares of Greenfire Resources in a research report on Monday, July 6th. They issued a "hold" rating for the company. Finally, Weiss Ratings downgraded shares of Greenfire Resources from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold".

Greenfire Resources Price Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.54 and a current ratio of 0.66. The business's 50 day simple moving average is $5.86 and its 200-day simple moving average is $5.92. The stock has a market capitalization of $800.85 million, a price-to-earnings ratio of -71.05 and a beta of 0.20.

Greenfire Resources (NYSE:GFR - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.48). The firm had revenue of $34.81 million during the quarter, compared to the consensus estimate of $104.27 million. Greenfire Resources had a negative return on equity of 4.20% and a negative net margin of 7.55%.

Institutional Trading of Greenfire Resources

Several large investors have recently added to or reduced their stakes in GFR. Militia Capital Management LLC acquired a new stake in shares of Greenfire Resources in the first quarter worth about $1,637,000. Bank of America Corp DE raised its stake in shares of Greenfire Resources by 2,709.5% in the 1st quarter. Bank of America Corp DE now owns 42,142 shares of the company's stock valued at $266,000 after acquiring an additional 40,642 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Greenfire Resources by 25.7% in the 1st quarter. Renaissance Technologies LLC now owns 161,262 shares of the company's stock worth $1,019,000 after purchasing an additional 32,962 shares during the last quarter. Moerus Capital Management LLC boosted its position 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 worth $14,838,000 after purchasing an additional 642,312 shares during the period. Finally, Walleye Capital LLC bought a new stake in Greenfire Resources during the first quarter worth approximately $378,000. 88.89% of the stock is owned by 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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