Greenfire Resources (NYSE:GFR) Sees Unusually-High Trading Volume – Time to Buy?

Greenfire Resources Ltd. (NYSE:GFR) shares saw unusually-high trading volume on Thursday. Approximately 600,187 shares were traded during trading, an increase of 55% from the previous session’s volume of 387,412 shares. The stock last traded at $6.1990 and had previously closed at $6.14.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on GFR shares. TD Securities upgraded Greenfire Resources to a “strong-buy” rating in a research note on Thursday, July 23rd. BMO Capital Markets raised 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 report on Wednesday, August 5th. Royal Bank Of Canada initiated coverage on shares of Greenfire Resources in a research report on Monday, July 6th. They issued a “hold” rating for the company. 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 assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.50.

Greenfire Resources Stock Up 0.2%

The business’s fifty day simple moving average is $6.27 and its 200 day simple moving average is $6.10. The stock has a market cap of $771.90 million, a price-to-earnings ratio of -21.98 and a beta of 0.19. The company has a current ratio of 0.96, a quick ratio of 0.76 and a debt-to-equity ratio of 0.03.

Greenfire Resources (NYSE:GFR) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.31 earnings per share 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 net margin of 6.36% and a negative return on equity of 3.50%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Engineers Gate Manager LP acquired a new position in Greenfire Resources during the second quarter worth $60,000. Donald Smith & CO. Inc. acquired a new stake in Greenfire Resources in the 2nd quarter valued at $1,672,000. Militia Capital Management LLC acquired a new stake in Greenfire Resources in the 1st quarter valued at $1,637,000. Bank of America Corp DE lifted its position in 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 buying an additional 40,642 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Greenfire Resources by 25.7% during the 1st 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. 88.89% of the stock is owned by institutional investors and hedge funds.

About Greenfire Resources

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.