Greenfire Resources Ltd. (NYSE:GFR) Stock Short Interest Report for October

Key Points

• Short interest more than doubled in October, rising 116.5% to 1.28 million shares as of October 15. Short interest represents 1.3% of shares outstanding, with a days-to-cover ratio of 1.0.
• Institutional investors own 88.89% of Greenfire Resources; several funds increased holdings or initiated new positions during the third quarter.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $11.50 versus a recent share price of $6.72. In its latest quarter, the company reported $0.31 in earnings per share and $123.86 million in revenue, both above estimates.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report) was the target of a significant growth in short interest during the month of October. As of October 15th, there was short interest totaling 1,276,069 shares, a growth of 116.5% from the September 30th total of 589,397 shares. Based on an average daily trading volume, of 1,306,400 shares, the days-to-cover ratio is currently 1.0 days. Currently, 1.3% of the shares of the company are sold short.

Institutional Trading of Greenfire Resources

Several hedge funds and other institutional investors have recently modified their holdings of GFR. Mraz Amerine & Associates Inc. acquired a new position in shares of Greenfire Resources during the third quarter worth about $87,000. Louisbourg Investments Inc. raised its holdings in shares of Greenfire Resources by 10.4% in the third quarter. Louisbourg Investments Inc. now owns 730,816 shares of the company's stock valued at $4,121,000 after purchasing an additional 68,836 shares during the last quarter. TD Waterhouse Canada Inc. acquired a new stake in shares of Greenfire Resources in the third quarter valued at approximately $154,000. Turtle Creek Wealth Advisors LLC boosted its holdings in Greenfire Resources by 47.4% during the third quarter. Turtle Creek Wealth Advisors LLC now owns 49,750 shares of the company's stock worth $281,000 after purchasing an additional 16,000 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new position in Greenfire Resources during the second quarter worth $60,000. Institutional investors and hedge funds own 88.89% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GFR. BMO Capital Markets raised Greenfire Resources from a "market perform" rating to an "outperform" rating and set a $11.50 target price on the stock in a report on Wednesday, August 5th. TD Securities upgraded shares of Greenfire Resources to a "strong-buy" rating in a research report on Thursday, July 23rd. Royal Bank Of Canada started coverage on shares of Greenfire Resources in a research note on Monday, July 6th. They set a "hold" rating for the company. Finally, Weiss Ratings upgraded shares of Greenfire Resources from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Greenfire Resources has an average rating of "Moderate Buy" and an average target price of $11.50.

Greenfire Resources Price Performance

Shares of GFR traded down $0.08 during mid-day trading on Friday, reaching $6.72. The stock had a trading volume of 827,164 shares, compared to its average volume of 1,235,172. Greenfire Resources has a 52-week low of $4.15 and a 52-week high of $7.16. The business's fifty day moving average is $6.36 and its 200 day moving average is $6.08. The company has a current ratio of 0.96, a quick ratio of 0.76 and a debt-to-equity ratio of 0.03.

Greenfire Resources (NYSE:GFR - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.30. Greenfire Resources had a negative return on equity of 3.50% and a negative net margin of 6.36%. The business had revenue of $123.86 million for the quarter, compared to analyst estimates of $107.41 million.

About Greenfire Resources

Greenfire Resources Ltd. NYSE: GFR is a Canadian energy company focused on the development and production of bitumen from the Alberta oil sands. The company operates in the Hangingstone area, approximately south of Fort McMurray, Alberta, one of Canada's primary oil sands regions.

Greenfire's principal assets include its Hangingstone Demonstration and Hangingstone Expansion projects. These operations use in situ production methods, including steam-assisted gravity drainage, to recover bitumen from underground deposits without conventional open-pit mining.

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