Greenfire Resources (NYSE:GFR) Trading 4.2% Higher - Here's What Happened

Key Points

• Greenfire Resources shares rose 4.2% to approximately $6.90, although trading volume was 87% below the stock’s average daily volume.
• Analyst sentiment is mixed but leans positive: the stock has a “Moderate Buy” consensus rating and an average price target of $11.50, with recent upgrades from BMO Capital Markets and TD Securities.
• The company exceeded quarterly expectations, reporting $0.31 in earnings per share versus the $0.01 consensus estimate and revenue of $123.86 million versus the $107.41 million forecast; institutional investors own 88.89% of the stock.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report)'s stock price was up 4.2% during mid-day trading on Tuesday . The company traded as high as $6.84 and last traded at $6.8980. 40,272 shares traded hands during trading, a decline of 87% from the average daily volume of 320,316 shares. The stock had previously closed at $6.62.

Analyst Upgrades and Downgrades

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

Greenfire Resources Price Performance

The firm has a 50 day moving average of $6.27 and a 200-day moving average of $6.10. The company has a current ratio of 0.96, a quick ratio of 0.76 and a debt-to-equity ratio of 0.03. The company has a market cap of $864.70 million, a P/E ratio of -24.62 and a beta of 0.18.

Greenfire Resources (NYSE:GFR - Get Free Report) last posted its quarterly 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 business had revenue of $123.86 million during the quarter, compared to the consensus estimate of $107.41 million.

Hedge Funds Weigh In On Greenfire Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Engineers Gate Manager LP purchased a new stake in Greenfire Resources in the 2nd quarter worth $60,000. Donald Smith & CO. Inc. bought a new stake in shares of Greenfire Resources in the second quarter worth about $1,672,000. Militia Capital Management LLC bought a new stake in shares of Greenfire Resources in the first quarter worth about $1,637,000. Bank of America Corp DE lifted its position in shares of Greenfire Resources by 2,709.5% in the first quarter. Bank of America Corp DE now owns 42,142 shares of the company's stock worth $266,000 after buying an additional 40,642 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Greenfire Resources by 25.7% in the first quarter. Renaissance Technologies LLC now owns 161,262 shares of the company's stock worth $1,019,000 after buying an additional 32,962 shares in the last quarter. Institutional investors own 88.89% of the company's stock.

Greenfire Resources Company Profile

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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