Greenfire Resources (NYSE:GFR) Sets New 1-Year High – Still a Buy?

Greenfire Resources Ltd. (NYSE:GFR) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $8.04 and last traded at $8.00, with a volume of 42459 shares traded. The stock had previously closed at $7.88.

Greenfire Resources Stock Up 0.1 %

The company has a quick ratio of 0.72, a current ratio of 0.77 and a debt-to-equity ratio of 0.41. The company’s 50 day moving average price is $7.18 and its 200 day moving average price is $6.65.

Greenfire Resources (NYSE:GFR) last released its earnings results on Wednesday, August 14th. The company reported $0.31 EPS for the quarter. The company had revenue of $160.39 million for the quarter.

Institutional Trading of Greenfire Resources

Several institutional investors have recently modified their holdings of the stock. Ninepoint Partners LP purchased a new stake in Greenfire Resources in the second quarter valued at $18,562,000. Luxor Capital Group LP lifted its holdings in shares of Greenfire Resources by 8.9% in the 2nd quarter. Luxor Capital Group LP now owns 1,948,026 shares of the company’s stock valued at $13,149,000 after purchasing an additional 159,900 shares during the last quarter. Encompass Capital Advisors LLC boosted its position in shares of Greenfire Resources by 21.4% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,374,312 shares of the company’s stock valued at $29,527,000 after purchasing an additional 771,756 shares during the period. K2 Principal Fund L.P. grew its stake in Greenfire Resources by 146.3% during the 2nd quarter. K2 Principal Fund L.P. now owns 50,003 shares of the company’s stock worth $338,000 after buying an additional 29,700 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Greenfire Resources during the second quarter worth approximately $491,000. Hedge funds and other 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.