Greenfire Resources (NYSE:GFR) Sees Large Volume Increase – Time to Buy?

Greenfire Resources Ltd. (NYSE:GFR) shares saw unusually-high trading volume on Tuesday . 547,464 shares changed hands during trading, an increase of 132% from the previous session’s volume of 236,084 shares.The stock last traded at $6.2150 and had previously closed at $6.16.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GFR. Royal Bank Of Canada began coverage on Greenfire Resources in a report on Monday, July 6th. They set a “hold” rating on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Greenfire Resources in a report on Thursday, August 13th. TD Securities upgraded shares of Greenfire Resources to a “strong-buy” rating in a research report on Thursday, July 23rd. Finally, BMO Capital Markets upgraded shares of Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 target price for the company in a research report on Wednesday, August 5th. One research 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.50.

Greenfire Resources Stock Performance

The stock has a market cap of $778.17 million, a price-to-earnings ratio of -22.24 and a beta of 0.18. The company’s 50-day simple moving average is $6.16 and its 200-day simple moving average is $6.08. The company has a quick ratio of 0.76, a current ratio of 0.96 and a debt-to-equity ratio of 0.03.

Greenfire Resources (NYSE:GFR) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.30. The company had revenue of $123.86 million during 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%.

Hedge Funds Weigh In On Greenfire Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Donald Smith & CO. Inc. acquired a new stake in shares of Greenfire Resources during the second quarter valued at approximately $1,672,000. Militia Capital Management LLC purchased a new stake in shares of Greenfire Resources in the 1st quarter valued at approximately $1,637,000. Moerus Capital Management LLC boosted its stake in 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 period. Saber Capital Managment LLC acquired a new position in Greenfire Resources in the 4th quarter worth approximately $3,270,000. Finally, Aegis Financial Corp boosted its stake in Greenfire Resources by 133.1% in the 1st quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock worth $2,639,000 after purchasing an additional 238,417 shares during the period. 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.