Gran Tierra Energy Inc (TSE:GTE) (AMEX:GTE) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Friday, October 27th.
According to Zacks, “Gran Tierra Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated and traded in the United States and operating in South America. Gran Tierra Energy holds interests in producing and prospective properties in Argentina, Colombia and Peru. The company strategy is focused on establishing a portfolio of drilling opportunities to exploit undeveloped reserves to grow production, as well as undertaking exploration to grow future reserves. “
A number of other equities research analysts also recently issued reports on the stock. Scotiabank restated a “buy” rating and issued a C$5.50 target price on shares of Gran Tierra Energy in a report on Tuesday, October 10th. Eight Capital reduced their target price on shares of Gran Tierra Energy from C$6.50 to C$5.25 in a research report on Wednesday, September 27th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of C$4.88.
Gran Tierra Energy (GTE) traded down C$0.05 during midday trading on Friday, hitting C$2.79. 242,087 shares of the company were exchanged, compared to its average volume of 735,096. Gran Tierra Energy has a 1 year low of C$2.41 and a 1 year high of C$4.36.
Gran Tierra Energy (TSE:GTE) (AMEX:GTE) last announced its quarterly earnings data on Thursday, November 2nd. The company reported C$0.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of C$0.05 by C($0.04). The company had revenue of C$103.77 million during the quarter, compared to analyst estimates of C$110.60 million. Gran Tierra Energy had a negative net margin of 7.08% and a negative return on equity of 2.76%. The firm’s revenue for the quarter was up 51.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.71) EPS.
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In other news, insider Gmt Capital Corp bought 22,700 shares of Gran Tierra Energy stock in a transaction that occurred on Monday, August 14th. The stock was purchased at an average cost of C$2.19 per share, with a total value of C$49,713.00. Also, Director Brooke N. Wade acquired 242,600 shares of the business’s stock in a transaction on Friday, September 29th. The shares were bought at an average cost of C$2.31 per share, with a total value of C$560,406.00. Following the completion of the acquisition, the director now owns 242,600 shares of the company’s stock, valued at approximately C$560,406. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 338,100 shares of company stock worth $760,048.
Several institutional investors and hedge funds have recently modified their holdings of the stock. GMT Capital Corp grew its position in shares of Gran Tierra Energy by 4.5% in the 3rd quarter. GMT Capital Corp now owns 51,034,600 shares of the company’s stock valued at $115,482,000 after purchasing an additional 2,195,500 shares during the period. Vanguard Group Inc. raised its stake in shares of Gran Tierra Energy by 10.6% during the 1st quarter. Vanguard Group Inc. now owns 9,383,209 shares of the company’s stock worth $24,772,000 after purchasing an additional 898,590 shares in the last quarter. Schroder Investment Management Group raised its stake in shares of Gran Tierra Energy by 40.6% during the 3rd quarter. Schroder Investment Management Group now owns 7,434,709 shares of the company’s stock worth $20,141,000 after purchasing an additional 2,146,732 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Gran Tierra Energy by 2.2% during the 2nd quarter. Alliancebernstein L.P. now owns 6,881,657 shares of the company’s stock worth $15,415,000 after purchasing an additional 150,199 shares in the last quarter. Finally, Toronto Dominion Bank increased its holdings in shares of Gran Tierra Energy by 0.4% during the 2nd quarter. Toronto Dominion Bank now owns 5,891,616 shares of the company’s stock worth $13,084,000 after acquiring an additional 23,195 shares during the last quarter.
About Gran Tierra Energy
Gran Tierra Energy Inc is an energy company engaged in oil and gas acquisition, exploration, development and production. The Company focuses on onshore oil and gas properties in Colombia, and also own rights to oil and gas properties in Brazil and Peru. Its segments are Colombia, Peru and Brazil based on geographic organization.
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