Greenfire Resources Ltd. (NYSE:GFR) Sees Significant Drop in Short Interest

Greenfire Resources Ltd. (NYSE:GFR) saw a significant drop in short interest in the month of January. As of January 15th, there was short interest totalling 45,900 shares, a drop of 21.0% from the December 31st total of 58,100 shares. Approximately 0.3% of the shares of the company are sold short. Based on an average daily volume of 107,100 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GFR. JPMorgan Chase & Co. bought a new position in Greenfire Resources in the third quarter valued at approximately $29,000. The Manufacturers Life Insurance Company bought a new position in Greenfire Resources in the third quarter valued at approximately $82,000. Jane Street Group LLC bought a new position in Greenfire Resources in the third quarter valued at approximately $111,000. Walleye Capital LLC bought a new position in Greenfire Resources in the third quarter valued at approximately $278,000. Finally, Renaissance Technologies LLC bought a new position in Greenfire Resources in the second quarter valued at approximately $491,000. 88.89% of the stock is owned by institutional investors.

Greenfire Resources Stock Performance

Shares of GFR traded down $0.07 during mid-day trading on Thursday, hitting $6.53. 30,465 shares of the company’s stock were exchanged, compared to its average volume of 62,152. Greenfire Resources has a 52 week low of $4.68 and a 52 week high of $8.16. The stock’s 50-day simple moving average is $6.96 and its 200-day simple moving average is $7.13. The firm has a market cap of $453.29 million, a price-to-earnings ratio of 18.64 and a beta of 0.30. The company has a quick ratio of 0.58, a current ratio of 0.67 and a debt-to-equity ratio of 0.30.

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.