Greenfire Resources (NYSE:GFR) Sees Unusually-High Trading Volume – Here’s Why

Shares of Greenfire Resources Ltd. (NYSE:GFR) saw unusually-high trading volume on Tuesday . Approximately 207,788 shares changed hands during mid-day trading, a decline of 19% from the previous session’s volume of 255,502 shares.The stock last traded at $6.2810 and had previously closed at $6.16.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on GFR shares. Royal Bank Of Canada assumed coverage on shares of Greenfire Resources in a research report on Monday, July 6th. They set a “hold” rating on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Greenfire Resources in a research report on Thursday, August 13th. TD Securities upgraded shares of Greenfire Resources to a “strong-buy” rating in a research note on Thursday, July 23rd. Finally, 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 report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $11.50.

Greenfire Resources Stock Up 0.9%

The company has a market cap of $779.42 million, a PE ratio of -22.20 and a beta of 0.18. 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 fifty day moving average price of $6.19 and a 200 day moving average price of $6.09.

Greenfire Resources (NYSE:GFR) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping 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 Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Deltroit Asset Management UK LLP purchased a new stake in Greenfire Resources in the fourth quarter worth about $48,000. Raffles Associates LP purchased a new stake in shares of Greenfire Resources in the fourth quarter worth $50,000. WINTON GROUP Ltd bought a new position in Greenfire Resources in the 4th quarter worth about $64,000. Jane Street Group LLC purchased a new stake in Greenfire Resources during the 4th quarter valued at about $74,000. Finally, Renaissance Technologies LLC increased its stake in Greenfire Resources by 15.9% during the 4th quarter. Renaissance Technologies LLC now owns 128,300 shares of the company’s stock valued at $611,000 after purchasing an additional 17,600 shares in the last quarter. 88.89% of the stock is owned by hedge funds and other institutional investors.

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.