Greenfire Resources (NYSE:GFR) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• Greenfire Resources’ trading volume surged 132% to approximately 547,464 shares, while the stock rose 1.6% to $6.215.
• Analyst sentiment is mixed but leans bullish: BMO upgraded the stock to “outperform” and TD Securities rated it “strong buy,” while RBC maintained a “hold” and Weiss Ratings reiterated a “sell.” The consensus rating is “Moderate Buy” with an $11.50 price target.
• Greenfire exceeded quarterly expectations, reporting $0.31 in earnings per share versus a $0.01 estimate and $123.86 million in revenue versus $107.41 million expected. However, it still posted negative net margin and return on equity, while institutional investors own 88.89% of shares.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report) shares saw unusually-strong trading volume on Tuesday . Approximately 547,464 shares changed hands during mid-day trading, an increase of 132% from the previous session's volume of 236,084 shares.The stock last traded at $6.2150 and had previously closed at $6.16.

Analysts Set New Price Targets

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

Greenfire Resources Stock Up 1.6%

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 business has a 50-day simple moving average of $6.13 and a two-hundred day simple moving average of $6.07. The stock has a market capitalization of $785.07 million, a P/E ratio of -22.36 and a beta of 0.19.

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 net margin of 6.36% and a negative return on equity of 3.50%.

Institutional Trading of Greenfire Resources

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

About Greenfire Resources

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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