Short Interest in Greenfire Resources Ltd. (NYSE:GFR) Increases By 102.5%

Key Points

• Short interest more than doubled to 1.74 million shares as of August 31, up 102.5% from mid-August. Short interest represents 1.7% of shares outstanding, with a 2.1-day days-to-cover ratio.
• Analyst sentiment is mixed but leans positive: Greenfire received Strong Buy, Buy, Hold, and Sell ratings, resulting in a “Moderate Buy” consensus and an average price target of $11.50.
• The stock recently traded at $6.63, while the company reported quarterly EPS of $0.31—well above the $0.01 consensus—and revenue of $123.86 million versus expectations of $107.41 million. Institutional investors own 88.89% of the company.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 1,744,086 shares, an increase of 102.5% from the August 15th total of 861,228 shares. Currently, 1.7% of the shares of the company are sold short. Based on an average daily volume of 816,416 shares, the days-to-cover ratio is presently 2.1 days.

Analyst Ratings Changes

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

Greenfire Resources Price Performance

Greenfire Resources stock traded up $0.11 during midday trading on Monday, hitting $6.63. 1,662,927 shares of the company's stock were exchanged, compared to its average volume of 322,003. Greenfire Resources has a 52-week low of $4.15 and a 52-week high of $7.16. The stock has a 50-day moving average price of $6.27 and a two-hundred day moving average price of $6.10. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.76 and a current ratio of 0.96. The company has a market cap of $830.95 million, a P/E ratio of -23.66 and a beta of 0.18.

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

Hedge Funds Weigh In On Greenfire Resources

Institutional investors have recently made changes to their positions in the stock. Deltroit Asset Management UK LLP bought a new stake in shares of Greenfire Resources during the 4th quarter worth $48,000. Engineers Gate Manager LP purchased a new stake in Greenfire Resources during the second quarter valued at about $60,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Greenfire Resources during the first quarter valued at about $141,000. Renaissance Technologies LLC lifted its stake in Greenfire Resources by 25.7% during the first quarter. Renaissance Technologies LLC now owns 161,262 shares of the company's stock worth $1,019,000 after purchasing an additional 32,962 shares during the last quarter. Finally, Avise Financial Cooperative Inc. bought a new stake in Greenfire Resources during the fourth quarter worth about $160,000. Institutional investors own 88.89% of the company's stock.

About Greenfire Resources

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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