Ninepoint Partners LP Purchases New Position in Greenfire Resources Ltd. (NYSE:GFR)

Ninepoint Partners LP bought a new stake in Greenfire Resources Ltd. (NYSE:GFR - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,750,000 shares of the company's stock, valued at approximately $18,562,000. Greenfire Resources makes up about 1.8% of Ninepoint Partners LP's investment portfolio, making the stock its 10th largest position. Ninepoint Partners LP owned approximately 4.01% of Greenfire Resources as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Scotia Capital Inc. acquired a new stake in shares of Greenfire Resources in the 4th quarter valued at approximately $222,000. Brigade Capital Management LP boosted its position in shares of Greenfire Resources by 13.5% in the fourth quarter. Brigade Capital Management LP now owns 5,875,560 shares of the company's stock valued at $28,555,000 after acquiring an additional 699,520 shares during the period. Cantor Fitzgerald L. P. acquired a new position in shares of Greenfire Resources during the 4th quarter worth approximately $406,000. Nokomis Capital L.L.C. acquired a new position in Greenfire Resources in the 1st quarter valued at $1,988,000. Finally, Sona Asset Management US LLC lifted 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 worth $29,992,000 after purchasing an additional 53,539 shares during the period. 88.89% of the stock is currently owned by institutional investors.

Greenfire Resources Price Performance

NYSE:GFR remained flat at $7.45 during trading hours on Friday. The company's stock had a trading volume of 96,373 shares, compared to its average volume of 59,432. Greenfire Resources Ltd. has a fifty-two week low of $4.68 and a fifty-two week high of $8.03. The business's 50 day simple moving average is $7.05 and its 200-day simple moving average is $6.50. 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 (NYSE:GFR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 14th. The company reported $0.31 EPS for the quarter. The firm had revenue of $160.39 million for the quarter.

Wall Street Analyst Weigh In

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

Greenfire Resources 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.