Greenfire Resources (NYSE:GFR) Stock Breaks Below 200 Day Moving Average – Here’s Why

Greenfire Resources Ltd. (NYSE:GFR)’s share price crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $6.09 and traded as low as $5.59. Greenfire Resources shares last traded at $5.6750, with a volume of 1,792,465 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. BMO Capital Markets upgraded shares of Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price target for the company in a research note on Wednesday, August 5th. Finally, TD Securities upgraded shares of Greenfire Resources to a “strong-buy” rating in a report on Thursday, July 23rd. 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $11.50.

Greenfire Resources Price Performance

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 stock has a market capitalization of $711.68 million, a price-to-earnings ratio of -20.27 and a beta of 0.16. The company’s 50 day moving average is $6.34 and its 200 day moving average is $6.09.

Greenfire Resources (NYSE:GFR) last issued its quarterly earnings data 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 company had revenue of $123.86 million for the quarter, compared to analyst estimates of $107.41 million. Greenfire Resources had a negative return on equity of 3.50% and a negative net margin of 6.36%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Beverly Hills Private Wealth LLC grew its position in shares of Greenfire Resources by 161.3% during the third quarter. Beverly Hills Private Wealth LLC now owns 1,086,833 shares of the company’s stock worth $6,141,000 after acquiring an additional 670,909 shares during the last quarter. StoneX Group Inc. acquired a new position in shares of Greenfire Resources in the 3rd quarter valued at $87,000. Mraz Amerine & Associates Inc. acquired a new position in shares of Greenfire Resources in the 3rd quarter valued at $87,000. Louisbourg Investments Inc. raised its position in Greenfire Resources by 10.4% in the 3rd quarter. Louisbourg Investments Inc. now owns 730,816 shares of the company’s stock valued at $4,121,000 after purchasing an additional 68,836 shares during the last quarter. Finally, TD Waterhouse Canada Inc. purchased a new stake in Greenfire Resources in the 3rd quarter valued at $154,000. 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 Alberta oil sands. The company operates in the Hangingstone area, approximately south of Fort McMurray, Alberta, one of Canada’s primary oil sands regions.

Greenfire’s principal assets include its Hangingstone Demonstration and Hangingstone Expansion projects. These operations use in situ production methods, including steam-assisted gravity drainage, to recover bitumen from underground deposits without conventional open-pit mining.