Greenfire Resources (NYSE:GFR) Shares Down 5.3% – What’s Next?

Shares of Greenfire Resources Ltd. (NYSE:GFR) fell 5.3% during mid-day trading on Wednesday . The stock traded as low as $6.63 and last traded at $6.56. 524,062 shares were traded during mid-day trading, an increase of 57% from the average daily volume of 333,191 shares. The stock had previously closed at $6.93.

Wall Street Analysts Forecast Growth

GFR has been the subject of a number of recent research reports. BMO Capital Markets raised Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price objective for the company in a research report on Wednesday, August 5th. Royal Bank Of Canada initiated coverage on Greenfire Resources in a report on Monday, July 6th. They issued a “hold” rating on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Greenfire Resources in a research note on Thursday, August 13th. Finally, TD Securities raised Greenfire Resources to a “strong-buy” rating in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.50.

Greenfire Resources Trading Up 2.5%

The firm has a market capitalization of $834.60 million, a price-to-earnings ratio of -23.77 and a beta of 0.18. The business’s 50 day moving average price is $6.33 and its 200-day moving average price is $6.12. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.96 and a quick ratio of 0.76.

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. Greenfire Resources had a negative net margin of 6.36% and a negative return on equity of 3.50%. 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 hedge funds have recently modified their holdings of the business. Engineers Gate Manager LP purchased a new position in Greenfire Resources in the second quarter worth $60,000. Donald Smith & CO. Inc. acquired a new stake in Greenfire Resources in the second quarter valued at $1,672,000. Militia Capital Management LLC purchased a new stake in shares of Greenfire Resources during the 1st quarter worth $1,637,000. Bank of America Corp DE boosted its position in shares of 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 purchasing an additional 40,642 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of 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 purchasing an additional 32,962 shares during the period. 88.89% of the stock is owned by institutional investors and hedge funds.

About Greenfire Resources

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.