Greenfire Resources (NYSE:GFR) Stock Price Up 5.1% - Still a Buy?

Key Points

• Greenfire Resources shares rose 5.1% to about $6.55, with trading volume surging 520% above the average session volume.
• Analyst sentiment is mixed but leans positive: the stock has a consensus rating of “Moderate Buy” and an average price target of $11.50, compared with its current price near $6.55.
• The company beat quarterly expectations, reporting $0.31 in earnings per share versus the $0.01 consensus and revenue of $123.86 million versus $107.41 million; however, it still posted a negative net margin and return on equity.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report) shares traded up 5.1% during trading on Wednesday . The company traded as high as $6.55 and last traded at $6.5450. 1,692,111 shares traded hands during trading, an increase of 520% from the average session volume of 272,920 shares. The stock had previously closed at $6.23.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GFR. TD Securities upgraded shares of Greenfire Resources to a "strong-buy" rating in a report on Thursday, July 23rd. Royal Bank Of Canada assumed coverage on shares of Greenfire Resources in a research report on Monday, July 6th. They set a "hold" rating for the company. BMO Capital Markets upgraded shares of Greenfire Resources from a "market perform" rating to an "outperform" rating and set a $11.50 target price on the stock in a research report on Wednesday, August 5th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Greenfire Resources in a report on Thursday, August 13th. 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 data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $11.50.

Greenfire Resources Trading Up 4.1%

The business's 50-day simple moving average is $6.20 and its two-hundred day simple moving average is $6.09. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.96 and a quick ratio of 0.76. The stock has a market capitalization of $813.28 million, a price-to-earnings ratio of -23.09 and a beta of 0.18.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Donald Smith & CO. Inc. bought a new stake in Greenfire Resources during the 2nd quarter worth approximately $1,672,000. Militia Capital Management LLC acquired a new stake in Greenfire Resources in the 1st quarter valued at $1,637,000. Moerus Capital Management LLC increased its holdings in Greenfire Resources by 37.9% during the first quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company's stock worth $14,838,000 after buying an additional 642,312 shares during the last quarter. Saber Capital Managment LLC acquired a new stake in Greenfire Resources in the 4th quarter valued at about $3,270,000. Finally, Aegis Financial Corp increased its holdings in shares of Greenfire Resources by 133.1% during the 1st quarter. Aegis Financial Corp now owns 417,548 shares of the company's stock worth $2,639,000 after acquiring an additional 238,417 shares during the last quarter. 88.89% of the stock is currently owned by institutional investors and hedge funds.

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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