Greenfire Resources (NYSE:GFR) Shares Down 9.5% - Should You Sell?

Key Points

• Shares dropped 9.5% on Wednesday to $6.02 (intra-day low $5.91) on light volume of about 56,494 shares, roughly 68% below average daily volume.
• The company reported quarterly EPS of $999.00, beating the $0.08 consensus by $998.92, while reporting a net margin of 8.01% and return on equity of 5.03%.
• Greenfire has a market cap of $732.3M and a P/E of 11.92, and is heavily institutionally held—88.89% ownership—with recent large purchases by Moerus, BW Gestao, Saber, Bank of Montreal, and K2 Principal.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report) shares dropped 9.5% on Wednesday . The company traded as low as $5.91 and last traded at $6.02. Approximately 56,494 shares traded hands during trading, a decline of 68% from the average daily volume of 174,966 shares. The stock had previously closed at $6.65.

Greenfire Resources Trading Down 12.2%

The business's 50 day moving average price is $6.21 and its two-hundred day moving average price is $5.42. The stock has a market cap of $732.27 million, a P/E ratio of 11.92 and a beta of 0.26.

Greenfire Resources (NYSE:GFR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $999.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $998.92. Greenfire Resources had a net margin of 8.01% and a return on equity of 5.03%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of GFR. Moerus Capital Management LLC purchased a new position in Greenfire Resources during the 4th quarter valued at about $8,082,000. BW Gestao de Investimentos Ltda. lifted its position in Greenfire Resources by 95.8% during the 2nd quarter. BW Gestao de Investimentos Ltda. now owns 3,296,823 shares of the company's stock valued at $14,704,000 after acquiring an additional 1,613,198 shares during the period. Saber Capital Managment LLC purchased a new position in Greenfire Resources during the 4th quarter valued at about $3,270,000. Bank of Montreal Can lifted its position in Greenfire Resources by 165.8% during the 4th quarter. Bank of Montreal Can now owns 1,012,920 shares of the company's stock valued at $4,821,000 after acquiring an additional 631,848 shares during the period. Finally, K2 Principal Fund L.P. lifted its position in Greenfire Resources by 88.8% during the 4th quarter. K2 Principal Fund L.P. now owns 845,285 shares of the company's stock valued at $4,024,000 after acquiring an additional 397,685 shares during the period. 88.89% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.