Greenfire Resources (NYSE:GFR) Shares Up 4.2% – Here’s What Happened

Greenfire Resources Ltd. (NYSE:GFR) rose 4.2% on Tuesday . The stock traded as high as $6.84 and last traded at $6.8980. Approximately 40,272 shares changed 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 Ratings Changes

Several brokerages have recently issued reports on GFR. BMO Capital Markets raised Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price objective on the stock in a report on Wednesday, August 5th. TD Securities raised shares of Greenfire Resources to a “strong-buy” rating in a report on Thursday, July 23rd. Royal Bank Of Canada initiated coverage on shares of Greenfire Resources in a research report on Monday, July 6th. They issued a “hold” rating on the stock. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Greenfire Resources in a research note on Thursday, August 13th. One 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 given a Sell rating to the company. According to data from MarketBeat, Greenfire Resources has an average rating of “Moderate Buy” and an average price target of $11.50.

Greenfire Resources Trading Up 4.2%

The company has a 50-day moving average of $6.27 and a 200 day moving average of $6.10. 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 company has a market cap of $864.70 million, a PE ratio of -24.62 and a beta of 0.18.

Greenfire Resources (NYSE:GFR) last issued its quarterly earnings data 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 business had revenue of $123.86 million for the quarter, compared to the consensus estimate of $107.41 million. Greenfire Resources had a negative return on equity of 3.50% and a negative net margin of 6.36%.

Institutional Trading of Greenfire Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Engineers Gate Manager LP purchased a new stake in shares of Greenfire Resources in the second quarter valued at $60,000. Donald Smith & CO. Inc. bought a new stake in shares of Greenfire Resources in the 2nd quarter worth about $1,672,000. Militia Capital Management LLC purchased a new position in shares of Greenfire Resources during the 1st quarter worth about $1,637,000. Bank of America Corp DE boosted its stake in shares of Greenfire Resources by 2,709.5% during the 1st quarter. Bank of America Corp DE now owns 42,142 shares of the company’s stock worth $266,000 after purchasing an additional 40,642 shares during the period. Finally, Renaissance Technologies LLC grew its holdings 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 purchasing an additional 32,962 shares during the last quarter. Hedge funds and other 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.