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

Greenfire Resources Ltd. (NYSE:GFR) shares saw unusually-strong trading volume on Wednesday . 303,307 shares changed hands during mid-day trading, an increase of 39% from the previous session’s volume of 218,465 shares.The stock last traded at $6.17 and had previously closed at $6.22.

Analyst Ratings Changes

Several research firms recently weighed in on GFR. Weiss Ratings reissued a “sell (d)” rating on shares of Greenfire Resources in a research report on Thursday, August 13th. Royal Bank Of Canada initiated coverage on Greenfire Resources in a research report on Monday, July 6th. They set a “hold” rating for the company. BMO Capital Markets raised Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 target price on the stock in a research note on Wednesday, August 5th. Finally, TD Securities upgraded Greenfire Resources to a “strong-buy” rating in a report on Thursday, July 23rd. 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.50.

Greenfire Resources Stock 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 firm has a market capitalization of $778.80 million, a PE ratio of -22.13 and a beta of 0.19. The firm’s fifty day moving average price is $6.08 and its 200 day moving average price is $6.06.

Greenfire Resources (NYSE:GFR) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $107.41 million.

Institutional Investors Weigh In On Greenfire Resources

Several large investors have recently made changes to their positions in GFR. Deltroit Asset Management UK LLP acquired a new position in Greenfire Resources during the fourth quarter valued at approximately $48,000. Raffles Associates LP acquired a new stake in shares of Greenfire Resources in the fourth quarter worth $50,000. WINTON GROUP Ltd bought a new stake in shares of Greenfire Resources during the 4th quarter worth $64,000. Jane Street Group LLC bought a new stake in shares of Greenfire Resources during the 4th quarter worth $74,000. Finally, Renaissance Technologies LLC grew its stake in Greenfire Resources by 15.9% in the 4th quarter. Renaissance Technologies LLC now owns 128,300 shares of the company’s stock valued at $611,000 after buying an additional 17,600 shares during the last quarter. Institutional investors own 88.89% of the company’s stock.

Greenfire Resources Company Profile

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.