Greenfire Resources Ltd. (NYSE:GFR) Stock Short Interest Rises 84.8%

Key Points

• Short interest surged 84.8% to 3.22 million shares as of September 15, representing 3.2% of Greenfire Resources’ outstanding shares and 1.6 days to cover.
• Shares fell 2.3% to $5.63, while the company’s latest quarterly results beat expectations with adjusted EPS of $0.31 versus estimates of $0.01 and revenue of $123.86 million.
• Institutional investors own 88.89% of the stock, and analyst sentiment is moderately bullish, with a consensus price target of $11.50 despite ratings ranging from Strong Buy to Sell.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 3,223,621 shares, an increase of 84.8% from the August 31st total of 1,744,086 shares. Currently, 3.2% of the shares of the stock are short sold. Based on an average daily volume of 1,954,378 shares, the days-to-cover ratio is currently 1.6 days.

Greenfire Resources Trading Down 2.3%

NYSE GFR traded down $0.13 during trading on Tuesday, hitting $5.63. The stock had a trading volume of 854,015 shares, compared to its average volume of 380,800. Greenfire Resources has a one year low of $4.15 and a one year high of $7.16. The stock has a 50 day simple moving average of $6.35 and a 200 day simple moving average of $6.12. The stock has a market capitalization of $705.93 million, a price-to-earnings ratio of -20.10 and a beta of 0.18. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.76 and a current ratio of 0.96.

Greenfire Resources (NYSE:GFR - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.31 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $123.86 million for the quarter, compared to analysts' expectations of $107.41 million.

Institutional Trading of Greenfire Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of GFR. Donald Smith & CO. Inc. purchased a new position in Greenfire Resources in the 2nd quarter worth about $1,672,000. Militia Capital Management LLC bought a new stake in Greenfire Resources during the 1st quarter valued at about $1,637,000. Moerus Capital Management LLC boosted its position in Greenfire Resources by 37.9% in the 1st quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company's stock valued at $14,838,000 after buying an additional 642,312 shares during the period. Saber Capital Managment LLC purchased a new stake in Greenfire Resources in the 4th quarter valued at about $3,270,000. Finally, Aegis Financial Corp grew its stake in Greenfire Resources by 133.1% in the 1st quarter. Aegis Financial Corp now owns 417,548 shares of the company's stock worth $2,639,000 after acquiring an additional 238,417 shares in the last quarter. Hedge funds and other institutional investors own 88.89% of the company's stock.

Wall Street Analyst Weigh In

GFR has been the subject of a number of research reports. TD Securities upgraded shares of Greenfire Resources to a "strong-buy" rating in a research report on Thursday, July 23rd. Royal Bank Of Canada initiated coverage on shares of Greenfire Resources in a research report on Monday, July 6th. They issued a "hold" rating on the stock. BMO Capital Markets raised shares of Greenfire Resources from a "market perform" rating to an "outperform" rating and set a $11.50 price target on the stock in a research note on Wednesday, August 5th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Greenfire Resources in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Greenfire Resources currently has an average rating of "Moderate Buy" and a consensus price target of $11.50.

Greenfire Resources Company Profile

Greenfire Resources Ltd. NYSE: GFR is a Canadian energy company focused on the development and production of bitumen from the Athabasca oil sands in Alberta, Canada. The company's operations are centered on thermal oil sands projects that use steam-assisted gravity drainage (SAGD) technology to recover bitumen from underground reservoirs.

Greenfire's principal assets include the Hangingstone Expansion and Hangingstone Demonstration projects, located south of Fort McMurray, Alberta. The company operates its facilities and produces bitumen, which can be transported to market for upgrading or refining into crude oil and other petroleum products.

The company has historically focused on advancing oil sands assets with established infrastructure and production potential.

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