Greenfire Resources (NYSE:GFR) Shares Climb 4.3% - Should You Buy?

Key Points

• Greenfire Resources shares rose 4.3% to approximately $6.62 in active midday trading, with volume 39% above its average session level.
• Analyst sentiment is mixed but leans positive: the stock has a consensus “Moderate Buy” rating and an $11.50 average price target, supported by upgrades from TD Securities and BMO Capital Markets.
• The company exceeded quarterly expectations, reporting $0.31 in 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 stock.

Shares of Greenfire Resources Ltd. (NYSE:GFR - Get Free Report) shot up 4.3% during mid-day trading on Tuesday. The company traded as high as $6.57 and last traded at $6.6150. 572,681 shares changed hands during mid-day trading, an increase of 39% from the average session volume of 410,620 shares. The stock had previously closed at $6.34.

Wall Street Analyst Weigh In

A number of research firms have commented on GFR. TD Securities upgraded shares of Greenfire Resources to a "strong-buy" rating in a research note on Thursday, July 23rd. Weiss Ratings raised Greenfire Resources from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday. BMO Capital Markets upgraded 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. Finally, Royal Bank Of Canada began coverage on Greenfire Resources in a research report on Monday, July 6th. They set a "hold" rating for the company. 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 given a Sell rating to the company's stock. According to MarketBeat.com, Greenfire Resources has a consensus rating of "Moderate Buy" and a consensus target price of $11.50.

Greenfire Resources Stock Up 5.1%

The company has a market cap of $835.86 million, a P/E ratio of -23.77 and a beta of 0.19. 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 business's fifty day moving average is $6.27 and its two-hundred day moving average is $6.09.

Greenfire Resources (NYSE:GFR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.31 earnings per share for the quarter, topping 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 during the quarter, compared to analysts' expectations of $107.41 million.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GFR. Engineers Gate Manager LP purchased a new stake in Greenfire Resources during the second quarter worth $60,000. Donald Smith & CO. Inc. purchased a new stake in shares of Greenfire Resources during the second quarter worth about $1,672,000. Militia Capital Management LLC purchased a new position in Greenfire Resources in the 1st quarter valued at about $1,637,000. Bank of America Corp DE lifted its holdings in Greenfire Resources by 2,709.5% in the 1st quarter. Bank of America Corp DE now owns 42,142 shares of the company's stock valued at $266,000 after purchasing an additional 40,642 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in Greenfire Resources by 25.7% during the 1st quarter. Renaissance Technologies LLC now owns 161,262 shares of the company's stock valued at $1,019,000 after acquiring an additional 32,962 shares in the last quarter. 88.89% of the stock is currently owned by institutional investors and hedge funds.

About Greenfire Resources

Greenfire Resources Ltd. is a Canadian energy company focused on the development and production of bitumen from the Athabasca oil sands in Alberta. The company uses thermal recovery methods, including steam-assisted gravity drainage (SAGD), to produce heavy oil that can be processed into marketable crude oil products.

Greenfire's principal assets are the Hangingstone Expansion and Hangingstone Demonstration oil sands projects, located south of Fort McMurray, Alberta. These facilities are designed to recover bitumen from the company's resource leases, with production supported by steam generation, extraction, and related oil sands infrastructure.

Headquartered in Calgary, Alberta, Greenfire serves energy markets through the production and sale of bitumen and heavy crude oil.

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