Greenfire Resources Ltd. (NYSE:GFR) Sees Large Decline in Short Interest

Greenfire Resources Ltd. (NYSE:GFR) was the target of a significant decline in short interest during the month of September. As of September 30th, there was short interest totaling 589,397 shares, a decline of 81.6% from the September 15th total of 3,207,214 shares. Based on an average daily volume of 1,153,957 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.6% of the shares of the stock are sold short.

Analyst Ratings Changes

GFR has been the subject of several research analyst reports. 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 note on Wednesday, August 5th. Royal Bank Of Canada started coverage on Greenfire Resources in a report on Monday, July 6th. They set a “hold” rating on the stock. Weiss Ratings upgraded Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday. Finally, TD Securities raised Greenfire Resources to a “strong-buy” rating in a research note on Thursday, July 23rd. 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 given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.50.

Hedge Funds Weigh In On Greenfire Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Saber Capital Managment LLC purchased a new position in Greenfire Resources during the 4th quarter valued at about $3,270,000. Moerus Capital Management LLC boosted its stake 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 in the last quarter. K2 Principal Fund L.P. grew its holdings in Greenfire Resources by 88.8% in the fourth quarter. K2 Principal Fund L.P. now owns 845,285 shares of the company’s stock worth $4,024,000 after purchasing an additional 397,685 shares during the period. Donald Smith & CO. Inc. purchased a new stake in Greenfire Resources in the second quarter worth about $1,672,000. Finally, Militia Capital Management LLC bought a new position in shares of Greenfire Resources during the first quarter valued at approximately $1,637,000. Hedge funds and other institutional investors own 88.89% of the company’s stock.

Greenfire Resources Stock Up 1.8%

Shares of NYSE:GFR opened at $6.37 on Friday. Greenfire Resources has a 1 year low of $4.15 and a 1 year high of $7.16. The company has a market cap of $798.86 million, a PE ratio of -22.75 and a beta of 0.19. 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’s 50-day moving average is $6.27 and its 200 day moving average is $6.10.

Greenfire Resources (NYSE:GFR) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $123.86 million for the quarter, compared to analyst estimates of $107.41 million.

Greenfire Resources Company Profile

Greenfire Resources Ltd. is a Canadian energy company focused on the development and production of bitumen from the Athabasca oil sands in Alberta. The company uses thermal recovery methods, including steam-assisted gravity drainage (SAGD), to produce heavy oil that can be processed into marketable crude oil products.

Greenfire’s principal assets are the Hangingstone Expansion and Hangingstone Demonstration oil sands projects, located south of Fort McMurray, Alberta. These facilities are designed to recover bitumen from the company’s resource leases, with production supported by steam generation, extraction, and related oil sands infrastructure.

Headquartered in Calgary, Alberta, Greenfire serves energy markets through the production and sale of bitumen and heavy crude oil.