Greenfire Resources Ltd. (NYSE:GFR) Short Interest Up 53.3% in August

Greenfire Resources Ltd. (NYSE:GFR) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 23,300 shares, an increase of 53.3% from the August 15th total of 15,200 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average daily trading volume, of 82,600 shares, the days-to-cover ratio is presently 0.3 days.

Hedge Funds Weigh In On Greenfire Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. Scotia Capital Inc. acquired a new position in Greenfire Resources in the 4th quarter worth about $222,000. K2 Principal Fund L.P. boosted its position in shares of Greenfire Resources by 146.3% during the 2nd quarter. K2 Principal Fund L.P. now owns 50,003 shares of the company’s stock valued at $338,000 after purchasing an additional 29,700 shares in the last quarter. Perritt Capital Management Inc bought a new stake in shares of Greenfire Resources during the 2nd quarter valued at about $384,000. Cantor Fitzgerald L. P. bought a new stake in shares of Greenfire Resources during the 4th quarter valued at about $406,000. Finally, Renaissance Technologies LLC bought a new position in Greenfire Resources in the second quarter worth approximately $491,000. Institutional investors and hedge funds own 88.89% of the company’s stock.

Greenfire Resources Price Performance

NYSE:GFR opened at $6.40 on Monday. The stock has a fifty day moving average price of $7.05 and a 200-day moving average price of $6.35. The company has a current ratio of 0.77, a quick ratio of 0.72 and a debt-to-equity ratio of 0.41. Greenfire Resources has a fifty-two week low of $4.68 and a fifty-two week high of $9.90.

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

Wall Street Analyst Weigh In

Separately, BMO Capital Markets initiated coverage on Greenfire Resources in a research note on Thursday, June 13th. They set an “outperform” rating and a $10.50 target price for the company.

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.