Greenfire Resources (NYSE:GFR) Sees Unusually-High Trading Volume – Still a Buy?

Greenfire Resources Ltd. (NYSE:GFR) saw unusually-high trading volume on Friday . Approximately 567,496 shares traded hands during mid-day trading, an increase of 197% from the previous session’s volume of 191,305 shares.The stock last traded at $6.9540 and had previously closed at $6.81.

Analyst Ratings Changes

Several brokerages have weighed in on GFR. TD Securities upgraded Greenfire Resources to a “strong-buy” rating in a report on Thursday, July 23rd. Weiss Ratings cut Greenfire Resources from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 18th. Royal Bank Of Canada initiated coverage on Greenfire Resources in a research report on Monday, July 6th. They issued a “hold” rating for the company. Finally, BMO Capital Markets upgraded Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 target price for the company in a research note on Wednesday, August 5th. One investment 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 given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.50.

Greenfire Resources Price Performance

The company’s 50 day moving average price is $5.96 and its 200-day moving average price is $6.01. The company has a market capitalization of $869.22 million, a PE ratio of -24.72 and a beta of 0.19. The company has a current ratio of 0.96, a quick ratio of 0.76 and a debt-to-equity ratio of 0.03.

Greenfire Resources (NYSE:GFR) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.30. The business 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%.

Institutional Investors Weigh In On Greenfire Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Militia Capital Management LLC purchased a new position in Greenfire Resources in the first quarter valued at approximately $1,637,000. Moerus Capital Management LLC lifted its position in Greenfire Resources by 37.9% during the first quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock valued at $14,838,000 after buying an additional 642,312 shares in the last quarter. Saber Capital Managment LLC purchased a new stake in Greenfire Resources during the fourth quarter worth approximately $3,270,000. Aegis Financial Corp grew its stake in Greenfire Resources by 133.1% during the first quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock worth $2,639,000 after buying an additional 238,417 shares during the period. Finally, K2 Principal Fund L.P. grew its stake in Greenfire Resources by 88.8% during the fourth quarter. K2 Principal Fund L.P. now owns 845,285 shares of the company’s stock worth $4,024,000 after buying an additional 397,685 shares during the period. 88.89% of the stock is currently owned by institutional investors and hedge funds.

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.