Greenfire Resources (NYSE:GFR) Sees Strong Trading Volume - Time to Buy?

Key Points

• Greenfire Resources shares traded actively, with volume rising 27% to 399,838 shares; the stock was last at $6.585, above its prior close of $6.52.
• Analyst sentiment is mixed but leans positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $11.50, compared with recent ratings ranging from Sell to Strong Buy.
• The company exceeded quarterly expectations, reporting $0.31 earnings per share versus a $0.01 consensus estimate and revenue of $123.86 million versus $107.41 million expected. Institutional investors own 88.89% of the outstanding shares.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report) shares saw unusually-strong trading volume on Monday . 399,838 shares changed hands during mid-day trading, an increase of 27% from the previous session's volume of 314,041 shares.The stock last traded at $6.5850 and had previously closed at $6.52.

Wall Street Analyst Weigh In

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

Greenfire Resources Price Performance

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 has a market capitalization of $824.57 million, a price-to-earnings ratio of -23.43 and a beta of 0.18. The company's fifty day moving average is $6.25 and its two-hundred day moving average is $6.10.

Greenfire Resources (NYSE:GFR - Get Free Report) last posted 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 firm had revenue of $123.86 million for the quarter, compared to analyst estimates of $107.41 million.

Institutional Trading of Greenfire Resources

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Donald Smith & CO. Inc. bought a new position in shares of Greenfire Resources during the second quarter worth approximately $1,672,000. Militia Capital Management LLC acquired a new stake in shares of Greenfire Resources during the 1st quarter worth $1,637,000. Moerus Capital Management LLC increased its position in shares of Greenfire Resources by 37.9% in the first quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company's stock worth $14,838,000 after purchasing an additional 642,312 shares during the period. Saber Capital Managment LLC acquired a new position in Greenfire Resources in the fourth quarter valued at about $3,270,000. Finally, Aegis Financial Corp lifted its position in Greenfire Resources by 133.1% during the first quarter. Aegis Financial Corp now owns 417,548 shares of the company's stock worth $2,639,000 after purchasing an additional 238,417 shares during the period. 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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