Greenfire Resources (NYSE:GFR) Stock Price Down 2.7% - Here's Why

Greenfire Resources Ltd. (NYSE:GFR - Get Free Report) shares traded down 2.7% during mid-day trading on Wednesday . The stock traded as low as $7.26 and last traded at $7.30. 45,574 shares changed hands during trading, a decline of 31% from the average session volume of 65,729 shares. The stock had previously closed at $7.50.

Greenfire Resources Stock Performance

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 stock has a fifty day moving average of $7.25 and a 200 day moving average of $6.69.

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

Institutional Investors Weigh In On Greenfire Resources

A number of institutional investors and hedge funds have recently modified their holdings of GFR. Ninepoint Partners LP acquired a new position in Greenfire Resources in the 2nd quarter worth approximately $18,562,000. Encompass Capital Advisors LLC lifted its stake 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. NewGen Asset Management Ltd purchased a new stake in Greenfire Resources during the second quarter worth $878,000. Renaissance Technologies LLC purchased a new position in Greenfire Resources in the second quarter valued at $491,000. Finally, K2 Principal Fund L.P. raised its position in shares of Greenfire Resources by 146.3% in the second quarter. K2 Principal Fund L.P. now owns 50,003 shares of the company's stock worth $338,000 after acquiring an additional 29,700 shares during the period. 88.89% of the stock is owned by institutional investors.

Greenfire Resources Company Profile

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.