Greenfire Resources (NYSE:GFR) Sees Large Volume Increase - Should You Buy?

Key Points

• Analyst sentiment is mixed but leans positive: Greenfire Resources has a consensus “Moderate Buy” rating and an average price target of $11.50, compared with its latest trading price near $6.28.
• Quarterly results exceeded expectations: The company reported $0.31 in EPS versus the $0.01 consensus estimate and revenue of $123.86 million, ahead of forecasts for $107.41 million.
• Shares rose about 0.9% amid elevated trading activity, while institutional investors and hedge funds own approximately 88.89% of the stock. Despite the earnings beat, Greenfire posted a negative net margin and return on equity.

Shares of Greenfire Resources Ltd. (NYSE:GFR - Get Free Report) saw strong trading volume on Tuesday . Approximately 207,788 shares were traded during mid-day trading, a decline of 19% from the previous session's volume of 255,502 shares.The stock last traded at $6.2810 and had previously closed at $6.16.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GFR. BMO Capital Markets upgraded Greenfire Resources from a "market perform" rating to an "outperform" rating and set a $11.50 target price for the company in a research note on Wednesday, August 5th. Weiss Ratings restated a "sell (d)" rating on shares of Greenfire Resources in a research note on Thursday, August 13th. 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. Finally, TD Securities upgraded shares of Greenfire Resources to a "strong-buy" rating in a report on Thursday, July 23rd. One 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 given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $11.50.

Greenfire Resources Trading Up 0.9%

The company has a market cap of $779.42 million, a P/E ratio of -22.20 and a beta of 0.18. The company has a quick ratio of 0.76, a current ratio of 0.96 and a debt-to-equity ratio of 0.03. The firm's 50 day moving average is $6.19 and its two-hundred day moving average is $6.09.

Greenfire Resources (NYSE:GFR - Get Free Report) last released its quarterly 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. The firm had revenue of $123.86 million for the quarter, compared to analyst estimates of $107.41 million. Greenfire Resources had a negative return on equity of 3.50% and a negative net margin of 6.36%.

Institutional Investors Weigh In On Greenfire Resources

Several large investors have recently modified their holdings of GFR. Deltroit Asset Management UK LLP bought a new stake in Greenfire Resources during the fourth quarter valued at $48,000. Raffles Associates LP acquired a new stake in Greenfire Resources during the fourth quarter worth approximately $50,000. WINTON GROUP Ltd bought a new position in shares of Greenfire Resources during the 4th quarter worth approximately $64,000. Jane Street Group LLC bought a new position in shares of Greenfire Resources during the 4th quarter worth approximately $74,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Greenfire Resources during the 1st quarter worth approximately $141,000. 88.89% of the stock is currently owned by institutional investors and hedge funds.

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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