Greenfire Resources Ltd. (NYSE:GFR) Short Interest Update

Greenfire Resources Ltd. (NYSE:GFR) was the recipient of a significant growth in short interest in June. As of June 15th, there was short interest totalling 40,300 shares, a growth of 9.5% from the May 31st total of 36,800 shares. Approximately 0.2% of the company’s shares are sold short. Based on an average daily volume of 40,700 shares, the days-to-cover ratio is currently 1.0 days.

Wall Street Analyst Weigh In

Separately, BMO Capital Markets initiated coverage on shares of Greenfire Resources in a report on Thursday, June 13th. They set an “outperform” rating and a $10.50 target price on the stock.

Greenfire Resources Price Performance

Shares of NYSE:GFR opened at $7.15 on Thursday. Greenfire Resources has a 12-month low of $4.68 and a 12-month high of $9.90. The business has a fifty day simple moving average of $6.05 and a 200 day simple moving average of $5.76. The company has a quick ratio of 0.70, a current ratio of 0.76 and a debt-to-equity ratio of 0.49.

Greenfire Resources (NYSE:GFR) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.51) earnings per share for the quarter. The firm had revenue of $149.09 million during the quarter.

Institutional Trading of Greenfire Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Scotia Capital Inc. bought a new stake in shares of Greenfire Resources in the 4th quarter valued at $222,000. Sona Asset Management US LLC boosted its position in Greenfire Resources by 1.1% during the first quarter. Sona Asset Management US LLC now owns 5,019,641 shares of the company’s stock valued at $29,992,000 after acquiring an additional 53,539 shares during the last quarter. Cantor Fitzgerald L. P. acquired a new stake in Greenfire Resources during the 4th quarter worth about $406,000. Nokomis Capital L.L.C. acquired a new stake in Greenfire Resources during the 1st quarter worth about $1,988,000. Finally, Brigade Capital Management LP lifted its stake in shares of Greenfire Resources by 13.5% in the 4th quarter. Brigade Capital Management LP now owns 5,875,560 shares of the company’s stock valued at $28,555,000 after purchasing an additional 699,520 shares during the period. Institutional investors and hedge funds 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.