Why These Energy Stocks are Gaining This Week

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1. Greenfire Resources Ltd. (NYSE:GFR)

Share Price Gains Between Nov 14 – Nov 21: 15.88%

Topping our list of Energy Stocks that Gained the Most This Week is Greenfire Resources Ltd. (NYSE:GFR), an oil sands producer that is actively developing its long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada.

Greenfire Resources Ltd. (NYSE:GFR) received a boost on November 12 when it was reported that Waterous Energy Fund (WEF) had invested over C$57 million in the company by acquiring 8,703,479 of its common shares. The stock then continued its rally when a November 14 report revealed that WEF has bought an additional 1,926,055 common shares of GFR through a private transaction, for a total purchase price of around C$12.8 million.

Following the two purchases, Waterous Energy Fund now owns a 71% stake in Greenfire Resources Ltd. (NYSE:GFR), locking in control of the company. It is also worth noting that Greenfire had announced a C$300 million equity rights offering on November 4 to help fund the redemption of the company’s $237.5 million senior secured notes due 2028, together with any accrued and unpaid interest.

While we acknowledge the potential of GFR to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GFR and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 Best Renewable Energy Dividend Stocks to Buy Now and 14 Best Utility Dividend Stocks to Buy Now.

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