Greenfire Resources (NYSE:GFR) Stock Price Up 3.9% – Should You Buy?

Greenfire Resources Ltd. (NYSE:GFR) shares shot up 3.9% during trading on Thursday . The company traded as high as $6.33 and last traded at $6.3150. 181,816 shares traded hands during trading, a decline of 51% from the average daily volume of 370,818 shares. The stock had previously closed at $6.08.

Analysts Set New Price Targets

A number of research firms recently weighed in on GFR. TD Securities raised Greenfire Resources to a “strong-buy” rating in a research report on Thursday, July 23rd. Royal Bank Of Canada assumed coverage on Greenfire Resources in a report on Monday, July 6th. They issued a “hold” rating for the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Greenfire Resources in a research report on Thursday, August 13th. Finally, 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. One 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 assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $11.50.

Greenfire Resources Stock Up 2.7%

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 business’s fifty day moving average price is $6.37 and its 200 day moving average price is $6.13. The company has a market capitalization of $783.19 million, a P/E ratio of -22.30 and a beta of 0.18.

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

Institutional Trading of Greenfire Resources

Institutional investors have recently bought and sold shares of the stock. Moerus Capital Management LLC grew its holdings in shares of Greenfire Resources by 37.9% in the 1st quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock worth $14,838,000 after purchasing an additional 642,312 shares during the last quarter. K2 Principal Fund L.P. raised its position 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 during the last quarter. Saber Capital Managment LLC acquired a new position in shares of Greenfire Resources during the fourth quarter valued at $3,270,000. Aegis Financial Corp lifted its position in Greenfire Resources by 133.1% during the 1st quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock valued at $2,639,000 after purchasing an additional 238,417 shares during the period. Finally, Donald Smith & CO. Inc. bought a new position in Greenfire Resources in the second quarter valued at approximately $1,672,000. Institutional investors and hedge funds 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.