Greenfire Resources (NYSE:GFR) Stock Price Down 6% – Here’s Why

Greenfire Resources Ltd. (NYSE:GFR)’s stock price fell 6% during trading on Monday . The stock traded as low as $7.15 and last traded at $7.20. 112,240 shares changed hands during mid-day trading, an increase of 59% from the average session volume of 70,479 shares. The stock had previously closed at $7.66.

Greenfire Resources Stock Up 0.6 %

The company’s 50 day moving average is $7.35 and its 200 day moving average is $6.84. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.77 and a quick ratio of 0.72.

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

Hedge Funds Weigh In On Greenfire Resources

Several large investors have recently modified their holdings of GFR. The Manufacturers Life Insurance Company bought a new position in shares of Greenfire Resources during the third quarter valued at $82,000. K2 Principal Fund L.P. increased its position in shares of Greenfire Resources by 146.3% during the second 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 period. Perritt Capital Management Inc acquired a new stake in shares of Greenfire Resources during the second quarter worth $384,000. Renaissance Technologies LLC acquired a new stake in shares of Greenfire Resources during the second quarter worth $491,000. Finally, NewGen Asset Management Ltd acquired a new stake in shares of Greenfire Resources during the second quarter worth $878,000. 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.