Greenfire Resources (NYSE:GFR) Trading Up 4.9% - Here's Why

Key Points

• Greenfire Resources shares rose 4.9% on Monday, trading as high as $6.02 before ending near $5.84. Trading volume was much lighter than usual at 17,539 shares, well below the average session volume.
• Analyst sentiment is mixed, with TD Securities initiating a Buy rating, RBC starting coverage at Hold, and Weiss Ratings lowering its view to Sell. That leaves the stock with a current consensus rating of Hold.
• Recent fundamentals were weak: Greenfire reported a quarterly EPS loss of $0.42 versus expectations for a $0.06 profit, and revenue of $34.81 million versus estimates of $104.27 million. The company also posted negative net margin and return on equity.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report)'s share price rose 4.9% during trading on Monday . The company traded as high as $6.02 and last traded at $5.8440. 17,539 shares changed hands during trading, a decline of 90% from the average session volume of 171,819 shares. The stock had previously closed at $5.57.

Wall Street Analyst Weigh In

GFR has been the topic of a number of recent research reports. TD Securities initiated coverage on shares of Greenfire Resources in a research note on Tuesday, June 16th. They set a "buy" rating on the stock. Weiss Ratings cut shares of Greenfire Resources from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, May 18th. Finally, Royal Bank Of Canada initiated coverage on shares of Greenfire Resources in a research note on Monday, July 6th. They issued a "hold" rating for the company. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold".

Greenfire Resources Stock Performance

The firm has a market capitalization of $763.62 million, a price-to-earnings ratio of -67.38 and a beta of 0.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.66 and a quick ratio of 0.54. The firm has a 50 day moving average price of $5.80 and a 200-day moving average price of $5.76.

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

Hedge Funds Weigh In On Greenfire Resources

A number of institutional investors and hedge funds have recently made changes to their positions in GFR. Militia Capital Management LLC purchased a new stake in shares of Greenfire Resources during the first quarter worth approximately $1,637,000. Bank of America Corp DE grew its holdings in Greenfire Resources by 2,709.5% during the 1st quarter. Bank of America Corp DE now owns 42,142 shares of the company's stock worth $266,000 after acquiring an additional 40,642 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Greenfire Resources by 25.7% during the 1st quarter. Renaissance Technologies LLC now owns 161,262 shares of the company's stock worth $1,019,000 after acquiring an additional 32,962 shares in the last quarter. Moerus Capital Management LLC grew its holdings in Greenfire Resources by 37.9% during the 1st quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company's stock worth $14,838,000 after acquiring an additional 642,312 shares in the last quarter. Finally, Walleye Capital LLC purchased a new stake in shares of Greenfire Resources in the 1st quarter valued at approximately $378,000. 88.89% of the stock is owned by institutional investors and hedge funds.

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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