Greenfire Resources Ltd. (NYSE:GFR) Sees Large Increase in Short Interest

Greenfire Resources Ltd. (NYSE:GFR) saw a large growth in short interest in October. As of October 15th, there was short interest totaling 1,276,069 shares, a growth of 116.5% from the September 30th total of 589,397 shares. Approximately 1.3% of the company’s stock are short sold. Based on an average daily volume of 1,306,400 shares, the days-to-cover ratio is currently 1.0 days.

Hedge Funds Weigh In On Greenfire Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mraz Amerine & Associates Inc. bought a new position in Greenfire Resources in the 3rd quarter worth about $87,000. Louisbourg Investments Inc. raised its holdings in shares of Greenfire Resources by 10.4% in the 3rd quarter. Louisbourg Investments Inc. now owns 730,816 shares of the company’s stock valued at $4,121,000 after acquiring an additional 68,836 shares in the last quarter. TD Waterhouse Canada Inc. purchased a new stake in shares of Greenfire Resources in the 3rd quarter valued at about $154,000. Turtle Creek Wealth Advisors LLC boosted its position in shares of Greenfire Resources by 47.4% during the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 49,750 shares of the company’s stock valued at $281,000 after acquiring an additional 16,000 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new stake in shares of Greenfire Resources during the 2nd quarter valued at about $60,000. 88.89% of the stock is currently owned by hedge funds and other institutional investors.

Greenfire Resources Stock Performance

NYSE GFR traded down $0.08 on Friday, hitting $6.72. The stock had a trading volume of 827,164 shares, compared to its average volume of 1,235,172. The firm has a 50-day moving average of $6.36 and a 200-day moving average of $6.08. 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 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.30. The firm had revenue of $123.86 million during the quarter, compared to analyst estimates of $107.41 million. Greenfire Resources had a negative net margin of 6.36% and a negative return on equity of 3.50%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Weiss Ratings raised shares of Greenfire Resources from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Royal Bank Of Canada assumed coverage on Greenfire Resources in a report on Monday, July 6th. They issued a “hold” rating for the company. TD Securities upgraded Greenfire Resources to a “strong-buy” rating in a research report on Thursday, July 23rd. Finally, BMO Capital Markets upgraded Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price objective on the stock in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.50.

Greenfire Resources Company Profile

Greenfire Resources Ltd. (NYSE:GFR) is a Canadian energy company focused on the development and production of bitumen from the Alberta oil sands. The company operates in the Hangingstone area, approximately south of Fort McMurray, Alberta, one of Canada’s primary oil sands regions.

Greenfire’s principal assets include its Hangingstone Demonstration and Hangingstone Expansion projects. These operations use in situ production methods, including steam-assisted gravity drainage, to recover bitumen from underground deposits without conventional open-pit mining.