Greenfire Resources (NYSE:GFR) Sees Unusually-High Trading Volume - What's Next?

Key Points

• Greenfire Resources shares rose to $6.387 on unusually active trading, although volume of 164,902 shares was 17% below the prior session.
• Analyst sentiment is mixed but leans positive: TD Securities upgraded the stock to “strong buy,” BMO raised it to “outperform” with an $11.50 target, and MarketBeat’s consensus rating is “Moderate Buy.”
• The company beat quarterly expectations, reporting $0.31 EPS versus $0.01 expected and revenue of $123.86 million versus $107.41 million; institutional investors own 88.89% of the shares.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report) saw an uptick in trading volume on Thursday . 164,902 shares were traded during trading, a decline of 17% from the previous session's volume of 198,798 shares.The stock last traded at $6.3870 and had previously closed at $6.18.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on GFR shares. TD Securities upgraded Greenfire Resources to a "strong-buy" rating in a 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 on the stock in a report on Wednesday, August 5th. Royal Bank Of Canada assumed coverage on Greenfire Resources in a research report on Monday, July 6th. They issued a "hold" rating for the company. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Greenfire Resources in a research report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target 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 company has a market capitalization of $801.24 million, a P/E ratio of -22.82 and a beta of 0.19. The firm's fifty day moving average is $6.02 and its 200 day moving average is $6.04.

Greenfire Resources (NYSE:GFR - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $123.86 million during the quarter, compared to the consensus estimate of $107.41 million. Greenfire Resources had a negative net margin of 6.36% and a negative return on equity of 3.50%.

Hedge Funds Weigh In On Greenfire Resources

Large investors have recently bought and sold shares of the business. Donald Smith & CO. Inc. bought a new position in Greenfire Resources in the 2nd quarter valued at $1,672,000. Militia Capital Management LLC bought a new stake in shares of Greenfire Resources during the first quarter worth $1,637,000. Bank of America Corp DE boosted its stake in shares of 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 during the period. Renaissance Technologies LLC boosted its stake in shares of 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 during the period. Finally, Moerus Capital Management LLC grew its holdings in shares of Greenfire Resources by 37.9% in 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 last quarter. Hedge funds and other institutional investors 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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