Greenfire Resources (NYSE:GFR) Stock Jumps 4.3% – Here’s Why

Greenfire Resources Ltd. (NYSE:GFR) shares rose 4.3% on Tuesday. The company traded as high as $6.57 and last traded at $6.6150. 572,681 shares changed hands during mid-day trading, an increase of 39% from the average session volume of 410,620 shares. The stock had previously closed at $6.34.

Analysts Set New Price Targets

A number of equities analysts have issued reports on GFR shares. Royal Bank Of Canada started coverage on Greenfire Resources in a research note on Monday, July 6th. They set a “hold” rating for the company. TD Securities raised shares of Greenfire Resources to a “strong-buy” rating in a report on Thursday, July 23rd. BMO Capital Markets upgraded shares of 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. Finally, Weiss Ratings raised shares of Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Greenfire Resources has a consensus rating of “Moderate Buy” and an average price target of $11.50.

Greenfire Resources Stock Performance

The firm’s fifty day simple moving average is $6.30 and its 200 day simple moving average is $6.10. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.96 and a quick ratio of 0.76. The company has a market capitalization of $818.28 million, a price-to-earnings ratio of -23.30 and a beta of 0.19.

Greenfire Resources (NYSE:GFR) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.30. The firm had revenue of $123.86 million for the quarter, compared to analysts’ expectations of $107.41 million. Greenfire Resources had a negative net margin of 6.36% and a negative return on equity of 3.50%.

Institutional Investors Weigh In On Greenfire Resources

Several hedge funds have recently bought and sold shares of the business. Moerus Capital Management LLC boosted its holdings in shares of Greenfire Resources by 37.9% during the first quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock worth $14,838,000 after purchasing an additional 642,312 shares during the period. Aegis Financial Corp grew its stake in Greenfire Resources by 133.1% in the first quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock valued at $2,639,000 after purchasing an additional 238,417 shares in the last quarter. Donald Smith & CO. Inc. purchased a new position in Greenfire Resources in the second quarter valued at about $1,672,000. Militia Capital Management LLC acquired a new position in Greenfire Resources in the 1st quarter worth about $1,637,000. Finally, Renaissance Technologies LLC increased its position in Greenfire Resources by 25.7% in 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 last quarter. 88.89% of the stock is owned by hedge funds and other institutional investors.

Greenfire Resources Company Profile

Greenfire Resources Ltd. is a Canadian energy company focused on the development and production of bitumen from the Athabasca oil sands in Alberta. The company uses thermal recovery methods, including steam-assisted gravity drainage (SAGD), to produce heavy oil that can be processed into marketable crude oil products.

Greenfire’s principal assets are the Hangingstone Expansion and Hangingstone Demonstration oil sands projects, located south of Fort McMurray, Alberta. These facilities are designed to recover bitumen from the company’s resource leases, with production supported by steam generation, extraction, and related oil sands infrastructure.

Headquartered in Calgary, Alberta, Greenfire serves energy markets through the production and sale of bitumen and heavy crude oil.