Greenfire Resources Ltd. (NYSE:GFR) Stock Short Interest Rises 84.8%

Greenfire Resources Ltd. (NYSE:GFR) was the target of a large growth in short interest in September. As of September 15th, there was short interest totaling 3,223,621 shares, a growth of 84.8% from the August 31st total of 1,744,086 shares. Based on an average daily volume of 1,954,378 shares, the days-to-cover ratio is currently 1.6 days. Currently, 3.2% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

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

Greenfire Resources Stock Performance

Shares of Greenfire Resources stock remained flat at $5.64 during midday trading on Wednesday. The company had a trading volume of 395,503 shares, compared to its average volume of 380,926. Greenfire Resources has a 52 week low of $4.15 and a 52 week high of $7.16. 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 firm has a market cap of $707.30 million, a PE ratio of -20.14 and a beta of 0.18. The firm has a 50-day moving average price of $6.31 and a 200 day moving average price of $6.11.

Greenfire Resources (NYSE:GFR) last announced 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 business had revenue of $123.86 million during the quarter, compared to analysts’ expectations of $107.41 million.

Hedge Funds Weigh In On Greenfire Resources

A number of hedge funds have recently bought and sold shares of GFR. Deltroit Asset Management UK LLP purchased a new stake in Greenfire Resources during the 4th quarter valued at about $48,000. Engineers Gate Manager LP purchased a new position in Greenfire Resources in the second quarter worth about $60,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Greenfire Resources in the first quarter worth approximately $141,000. Avise Financial Cooperative Inc. bought a new position in shares of Greenfire Resources in the fourth quarter worth approximately $160,000. Finally, Bank of America Corp DE lifted its stake in shares of Greenfire Resources by 2,709.5% in the first quarter. Bank of America Corp DE now owns 42,142 shares of the company’s stock worth $266,000 after buying an additional 40,642 shares in the last quarter. Institutional investors 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 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.