Greenfire Resources (NYSE:GFR) Trading Up 3.9% - Should You Buy?

Key Points

• Greenfire Resources shares rose 3.9% to $6.315, though trading volume was 51% below the average daily level.
• Analyst sentiment is mixed but leans positive: the stock has a consensus “Moderate Buy” rating and an $11.50 price target, compared with its recent price near $6.32.
• The company beat quarterly expectations, reporting $0.31 EPS versus $0.01 expected and revenue of $123.86 million versus $107.41 million expected; institutional investors own 88.89% of the shares.

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report)'s share price traded up 3.9% on Thursday . The company traded as high as $6.33 and last traded at $6.3150. Approximately 181,816 shares traded hands during trading, a decline of 51% from the average daily volume of 370,818 shares. The stock had previously closed at $6.08.

Analysts Set New Price Targets

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

Greenfire Resources Trading Up 2.7%

The company's fifty day moving average is $6.37 and its 200-day moving average is $6.13. 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 firm has a market capitalization of $783.19 million, a P/E ratio of -22.30 and a beta of 0.18.

Greenfire Resources (NYSE:GFR - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.30. The company had revenue of $123.86 million during the quarter, compared to analysts' expectations 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 institutional investors have recently added to or reduced their stakes in the business. Donald Smith & CO. Inc. bought a new stake in shares of Greenfire Resources in the second quarter valued at approximately $1,672,000. Militia Capital Management LLC bought a new position in Greenfire Resources during the first quarter worth $1,637,000. Moerus Capital Management LLC increased its position 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 acquiring an additional 642,312 shares during the period. Saber Capital Managment LLC acquired a new position in Greenfire Resources during the 4th quarter valued at $3,270,000. Finally, Aegis Financial Corp raised its stake in Greenfire Resources by 133.1% during the 1st quarter. Aegis Financial Corp now owns 417,548 shares of the company's stock valued at $2,639,000 after purchasing an additional 238,417 shares during the last quarter. 88.89% of the stock is owned by institutional investors.

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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