Greenfire Resources (NYSE:GFR) Trading Down 3.2% – Here’s Why

Greenfire Resources Ltd. (NYSE:GFR)’s stock price traded down 3.2% during mid-day trading on Thursday . The stock traded as low as $5.44 and last traded at $5.49. 37,911 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 95,290 shares. The stock had previously closed at $5.67.

Wall Street Analysts Forecast Growth

GFR has been the topic of several research reports. Wall Street Zen raised Greenfire Resources to a “hold” rating in a report on Saturday, November 15th. Weiss Ratings reissued a “sell (d)” rating on shares of Greenfire Resources in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Greenfire Resources presently has an average rating of “Reduce”.

Greenfire Resources Trading Up 4.3%

The firm has a fifty day moving average of $4.92 and a 200 day moving average of $4.82. The firm has a market capitalization of $397.72 million, a PE ratio of 4.24 and a beta of 0.29. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.05 and a current ratio of 2.27.

Institutional Investors Weigh In On Greenfire Resources

A number of institutional investors have recently modified their holdings of GFR. Bank of Montreal Can acquired a new stake in shares of Greenfire Resources in the second quarter valued at $1,702,000. Louisbourg Investments Inc. raised its stake in shares of Greenfire Resources by 29.9% during the second quarter. Louisbourg Investments Inc. now owns 483,379 shares of the company’s stock worth $2,147,000 after buying an additional 111,400 shares during the last quarter. Beverly Hills Private Wealth LLC lifted its stake in Greenfire Resources by 116.7% in the second quarter. Beverly Hills Private Wealth LLC now owns 79,902 shares of the company’s stock valued at $356,000 after buying an additional 43,025 shares during the period. FNY Investment Advisers LLC increased its stake in Greenfire Resources by 98.8% in the second quarter. FNY Investment Advisers LLC now owns 33,061 shares of the company’s stock valued at $147,000 after purchasing an additional 16,428 shares in the last quarter. Finally, Encompass Capital Advisors LLC increased its position in shares of Greenfire Resources by 3.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,947,437 shares of the company’s stock valued at $22,066,000 after buying an additional 143,933 shares in the last quarter. Institutional investors own 88.89% of the company’s stock.

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.