Greenfire Resources Ltd. (NYSE:GFR) Short Interest Up 102.5% in August

Greenfire Resources Ltd. (NYSE:GFR) saw a large growth in short interest in August. As of August 31st, there was short interest totaling 1,744,086 shares, a growth of 102.5% from the August 15th total of 861,228 shares. Based on an average daily volume of 816,416 shares, the days-to-cover ratio is presently 2.1 days. Currently, 1.7% of the shares of the company are short sold.

Greenfire Resources Stock Up 4.9%

Shares of NYSE:GFR traded up $0.33 during mid-day trading on Tuesday, hitting $6.95. 2,188,021 shares of the company traded hands, compared to its average volume of 1,291,927. The firm’s 50 day simple moving average is $6.30 and its 200 day simple moving average is $6.11. The firm has a market cap of $870.97 million, a P/E ratio of -24.80 and a beta of 0.18. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.76 and a current ratio of 0.96. Greenfire Resources has a 52-week low of $4.15 and a 52-week high of $7.16.

Greenfire Resources (NYSE:GFR) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.31 earnings per share 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

Institutional investors and hedge funds have recently made changes to their positions in the company. Moerus Capital Management LLC grew its holdings in Greenfire Resources by 37.9% during the 1st quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock valued at $14,838,000 after purchasing an additional 642,312 shares in the last quarter. K2 Principal Fund L.P. lifted its holdings in Greenfire Resources by 88.8% in the 4th quarter. K2 Principal Fund L.P. now owns 845,285 shares of the company’s stock worth $4,024,000 after buying an additional 397,685 shares in the last quarter. Saber Capital Managment LLC acquired a new position in Greenfire Resources in the 4th quarter worth $3,270,000. UBS Group AG boosted its position in Greenfire Resources by 7.3% in the 4th quarter. UBS Group AG now owns 652,017 shares of the company’s stock valued at $3,104,000 after buying an additional 44,598 shares during the last quarter. Finally, Aegis Financial Corp boosted its position in Greenfire Resources by 133.1% in the 1st quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock valued at $2,639,000 after buying an additional 238,417 shares during the last quarter. 88.89% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

About Greenfire Resources

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.