Greenfire Resources initiated with an Outperform at BMO Capital

BMO Capital analyst Tariq Saad initiated coverage of Greenfire Resources with an Outperform rating and C$10.50 price target. Greenfire is a pure-play oil sands producer with two producing assets situated in the Hangingstone area, the analyst tells investors in a research note. The firm says that although limited drilling activity took place under the prior operator, Greenfire is undertaking various operational improvements that should drive higher volumes and lower per-unit operating costs.