Greenfire Resources (NYSE:GFR) Shares Up 2.5% – Here’s What Happened

Greenfire Resources Ltd. (NYSE:GFR) shares shot up 2.5% during trading on Thursday . The company traded as high as $6.30 and last traded at $6.2450. 424,981 shares were traded during mid-day trading, an increase of 70% from the average session volume of 249,824 shares. The stock had previously closed at $6.09.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Greenfire Resources in a research report on Monday, December 29th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce”.

Greenfire Resources Trading Down 8.4%

The business’s 50 day moving average price is $6.15 and its 200-day moving average price is $5.30. The company has a market cap of $397.02 million, a price-to-earnings ratio of 11.66 and a beta of 0.23.

Greenfire Resources (NYSE:GFR) last posted its earnings results on Thursday, March 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.22). The company had revenue of $100.73 million for the quarter. Greenfire Resources had a return on equity of 5.03% and a net margin of 8.01%.

Institutional Trading of Greenfire Resources

A number of hedge funds have recently modified their holdings of the stock. BW Gestao de Investimentos Ltda. lifted its stake in shares of Greenfire Resources by 95.8% during the 2nd quarter. BW Gestao de Investimentos Ltda. now owns 3,296,823 shares of the company’s stock worth $14,704,000 after buying an additional 1,613,198 shares during the last quarter. Moerus Capital Management LLC acquired a new stake in Greenfire Resources in the 4th quarter worth about $8,082,000. Bank of Montreal Can raised its stake in Greenfire Resources by 165.8% in the 4th quarter. Bank of Montreal Can now owns 1,012,920 shares of the company’s stock worth $4,821,000 after purchasing an additional 631,848 shares in the last quarter. K2 Principal Fund L.P. raised its stake in Greenfire Resources by 88.8% in the 4th 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 in the last quarter. Finally, Saber Capital Managment LLC acquired a new stake in Greenfire Resources in the 4th quarter worth about $3,270,000. Institutional investors and hedge funds 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.