Greenfire Resources (NYSE:GFR) Shares Gap Down – Should You Sell?

Greenfire Resources Ltd. (NYSE:GFR)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $6.94, but opened at $6.03. Greenfire Resources shares last traded at $6.1210, with a volume of 50,038 shares changing hands.

Analysts Set New Price Targets

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

Greenfire Resources Price Performance

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 fifty day moving average price of $5.99 and a two-hundred day moving average price of $6.02. The firm has a market cap of $791.96 million, a P/E ratio of -22.54 and a beta of 0.19.

Greenfire Resources (NYSE:GFR) last posted its earnings results on Wednesday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.30. The business had revenue of $123.86 million during the quarter, compared to analysts’ expectations of $107.41 million. Greenfire Resources had a negative return on equity of 3.50% and a negative net margin of 6.36%.

Institutional Investors Weigh In On Greenfire Resources

Large investors have recently made changes to their positions in the stock. Deltroit Asset Management UK LLP acquired a new stake in shares of Greenfire Resources during the fourth quarter worth $48,000. Raffles Associates LP bought a new stake in Greenfire Resources in the 4th quarter valued at $50,000. WINTON GROUP Ltd bought a new stake in Greenfire Resources in the 4th quarter valued at $64,000. Jane Street Group LLC acquired a new position in Greenfire Resources in the 4th quarter worth $74,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in Greenfire Resources in the 1st quarter worth $141,000. Institutional investors own 88.89% of the company’s stock.

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.