Greenfire Resources (NYSE:GFR) Rating Lowered to Hold at BMO Capital Markets

Greenfire Resources (NYSE:GFR) was downgraded by investment analysts at BMO Capital Markets from a “strong-buy” rating to a “hold” rating in a report released on Tuesday, Zacks reports.

Other equities analysts also recently issued research reports about the stock. TD Securities downgraded shares of Greenfire Resources from a “strong-buy” rating to a “strong sell” rating in a research note on Tuesday. 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. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $11.50.

Greenfire Resources Trading Up 0.4%

GFR opened at $7.71 on Tuesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.96 and a quick ratio of 0.76. Greenfire Resources has a fifty-two week low of $4.15 and a fifty-two week high of $7.81. The company’s 50 day moving average price is $6.41 and its two-hundred day moving average price is $6.14. The firm has a market capitalization of $966.66 million, a price-to-earnings ratio of -25.69 and a beta of 0.16.

Hedge Funds Weigh In On Greenfire Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Engineers Gate Manager LP bought a new stake in Greenfire Resources in the second quarter valued at approximately $60,000. Oppenheimer & Close LLC bought a new position in Greenfire Resources during the 3rd quarter worth approximately $66,000. StoneX Group Inc. bought a new position in Greenfire Resources during the 3rd quarter worth approximately $87,000. Mraz Amerine & Associates Inc. acquired a new position in shares of Greenfire Resources in the 3rd quarter worth approximately $87,000. Finally, Turtle Creek Wealth Advisors LLC lifted its position in shares of Greenfire Resources by 47.4% in the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 49,750 shares of the company’s stock worth $281,000 after purchasing an additional 16,000 shares during the period. 88.89% of the stock is owned by institutional investors and hedge funds.

Greenfire Resources Company Profile

Greenfire Resources Ltd. is a Canadian energy company focused on developing and producing bitumen from oil sands in Alberta. Its operations use steam-assisted gravity drainage (SAGD), a thermal recovery method used to extract bitumen from underground deposits. The company’s principal asset is the Hangingstone oil sands project, south of Fort McMurray. Greenfire’s production is bitumen, which can be processed or blended for transportation and refining. Greenfire’s business is concentrated in Alberta, where it operates and seeks to develop its thermal oil sands assets.