Greenfire Resources (NYSE:GFR) Upgraded to Strong-Buy at TD Securities

Key Points

• TD Securities upgraded Greenfire Resources to “strong-buy,” making it the most bullish rating currently on the stock. Overall, analyst sentiment remains mixed, with MarketBeat showing a consensus rating of “Hold.”
• The stock was trading lower, down 1.9% to $6.50, while staying near its 50-day and 200-day moving averages. Greenfire’s market cap was about $815.8 million, and its 52-week range spans from $4.14 to $7.02.
• Recent earnings were weak, with Greenfire reporting a $0.42 loss per share versus a $0.06 profit estimate and revenue of $34.81 million, well below expectations. The company also posted negative net margin and return on equity.

Greenfire Resources (NYSE:GFR - Get Free Report) was upgraded by TD Securities to a "strong-buy" rating in a research note issued on Thursday,Zacks.com reports.

Several other brokerages have also commented on GFR. Weiss Ratings lowered Greenfire Resources from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, May 18th. Royal Bank Of Canada began coverage on shares of Greenfire Resources in a research report on Monday, July 6th. They issued a "hold" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Greenfire Resources has a consensus rating of "Hold".

Greenfire Resources Trading Down 1.9%

GFR opened at $6.50 on Thursday. The stock has a market cap of $815.79 million, a PE ratio of -72.27 and a beta of 0.20. The company has a quick ratio of 0.54, a current ratio of 0.66 and a debt-to-equity ratio of 0.01. The business has a 50 day moving average of $5.85 and a 200-day moving average of $5.86. Greenfire Resources has a 52 week low of $4.14 and a 52 week high of $7.02.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Moerus Capital Management LLC purchased a new position in Greenfire Resources during the fourth quarter valued at $8,082,000. BW Gestao de Investimentos Ltda. grew its stake in shares of Greenfire Resources by 95.8% in the second quarter. BW Gestao de Investimentos Ltda. now owns 3,296,823 shares of the company's stock worth $14,704,000 after acquiring an additional 1,613,198 shares during the last quarter. Saber Capital Managment LLC purchased a new stake in shares of Greenfire Resources in the fourth quarter worth $3,270,000. Bank of Montreal Can increased its holdings in shares of Greenfire Resources by 165.8% during the fourth 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 in the last quarter. Finally, K2 Principal Fund L.P. increased its holdings in shares of Greenfire Resources by 88.8% during the fourth 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 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. The company is headquartered in Calgary, Canada.

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