Greenfire Resources (NYSE:GFR) Shares Down 2.1% - Time to Sell?

Key Points

• Greenfire Resources Ltd. (NYSE:GFR) saw its share price decline by 2.1% during trading, reaching a low of $4.62 and closing at $4.65.
• BMO Capital Markets downgraded Greenfire Resources from an "outperform" rating to a "market perform" rating, contributing to the stock's current consensus rating of "Hold."
• Greenfire Resources reported better-than-expected earnings per share of $0.50, beating the consensus estimate of $0.31 by $0.19 in its last earnings release.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report)'s share price was down 2.1% during trading on Tuesday . The company traded as low as $4.62 and last traded at $4.65. Approximately 26,883 shares changed hands during trading, a decline of 40% from the average daily volume of 44,730 shares. The stock had previously closed at $4.75.

Analyst Ratings Changes

Separately, BMO Capital Markets downgraded Greenfire Resources from an "outperform" rating to a "market perform" rating in a report on Monday, September 22nd. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, Greenfire Resources currently has a consensus rating of "Hold".

Greenfire Resources Stock Performance

The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.54 and a current ratio of 2.82. The stock has a market cap of $323.03 million, a P/E ratio of 2.28 and a beta of 0.29. The business's 50-day moving average price is $4.77 and its 200-day moving average price is $4.74.

Greenfire Resources (NYSE:GFR - Get Free Report) last released its earnings results on Wednesday, August 13th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.19. Greenfire Resources had a return on equity of 24.62% and a net margin of 28.61%.

Institutional Investors Weigh In On Greenfire Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC boosted its position in shares of Greenfire Resources by 66.3% in the first quarter. FNY Investment Advisers LLC now owns 16,633 shares of the company's stock worth $97,000 after purchasing an additional 6,633 shares during the period. XTX Topco Ltd purchased a new position in shares of Greenfire Resources during the 1st quarter valued at $103,000. Beverly Hills Private Wealth LLC bought a new position in Greenfire Resources in the 1st quarter worth $216,000. Polar Asset Management Partners Inc. purchased a new stake in Greenfire Resources in the 1st quarter worth $297,000. Finally, Royal Bank of Canada increased its stake in Greenfire Resources by 6,363.6% in the 1st quarter. Royal Bank of Canada now owns 56,750 shares of the company's stock worth $333,000 after buying an additional 55,872 shares in the last quarter. Institutional investors own 88.89% of the company's stock.

Greenfire Resources Company Profile

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.

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