Greenfire Resources (NYSE:GFR) Shares Up 4.3% – Still a Buy?

Greenfire Resources Ltd. (NYSE:GFR)’s share price was up 4.3% on Tuesday. The stock traded as high as $6.57 and last traded at $6.6150. Approximately 572,681 shares were traded during mid-day trading, an increase of 39% from the average daily volume of 410,620 shares. The stock had previously closed at $6.34.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on GFR shares. Royal Bank Of Canada assumed coverage on Greenfire Resources in a report on Monday, July 6th. They set a “hold” rating for the company. BMO Capital Markets upgraded 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. TD Securities raised Greenfire Resources to a “strong-buy” rating in a report on Thursday, July 23rd. Finally, Weiss Ratings upgraded shares of Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.50.

Greenfire Resources Stock Performance

The company has a quick ratio of 0.76, a current ratio of 0.96 and a debt-to-equity ratio of 0.03. The company has a market cap of $835.86 million, a PE ratio of -23.77 and a beta of 0.19. The stock’s 50 day simple moving average is $6.27 and its two-hundred day simple moving average is $6.09.

Greenfire Resources (NYSE:GFR) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $107.41 million.

Institutional Trading of Greenfire Resources

Several institutional investors have recently added to or reduced their stakes in GFR. Moerus Capital Management LLC increased its stake in shares of Greenfire Resources by 37.9% in the first quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock valued at $14,838,000 after purchasing an additional 642,312 shares during the period. Saber Capital Managment LLC acquired a new stake in shares of Greenfire Resources during the fourth quarter worth approximately $3,270,000. Aegis Financial Corp increased its stake in shares of Greenfire Resources by 133.1% in the first quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock worth $2,639,000 after acquiring an additional 238,417 shares during the last quarter. Donald Smith & CO. Inc. acquired a new stake in shares of Greenfire Resources during the 2nd quarter valued at about $1,672,000. Finally, Militia Capital Management LLC bought a new stake in Greenfire Resources in the first quarter worth $1,637,000. Institutional investors own 88.89% of the company’s stock.

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.