Gran Tierra Energy (GTE) Reaches New 12-Month High on Insider Buying Activity

Shares of Gran Tierra Energy Inc (TSE:GTE) (NYSEMKT:GTE) hit a new 52-week high during mid-day trading on Wednesday after an insider bought additional shares in the company. The company traded as high as C$4.53 and last traded at C$4.51, with a volume of 736002 shares. The stock had previously closed at C$4.34.

Specifically, insider Gmt Capital Corp purchased 24,200 shares of Gran Tierra Energy stock in a transaction on Friday, April 6th. The stock was bought at an average price of C$2.75 per share, with a total value of C$66,550.00. Insiders acquired 98,400 shares of company stock valued at $298,104 in the last ninety days.

A number of analysts have weighed in on the company. Citigroup boosted their price target on Gran Tierra Energy from C$4.60 to C$5.10 in a research report on Thursday, May 3rd. CIBC lifted their price objective on Gran Tierra Energy from C$4.00 to C$5.00 in a research note on Friday, May 18th. Scotiabank reiterated an “outperform” rating and issued a C$6.25 price objective on shares of Gran Tierra Energy in a research note on Wednesday, May 2nd. Royal Bank of Canada lifted their price objective on Gran Tierra Energy from C$4.60 to C$4.80 and gave the stock a “top pick” rating in a research note on Friday, March 2nd. Finally, Canaccord Genuity lifted their price objective on Gran Tierra Energy from C$5.00 to C$5.50 in a research note on Wednesday, April 11th.

Gran Tierra Energy (TSE:GTE) (NYSEMKT:GTE) last posted its quarterly earnings data on Tuesday, May 1st. The company reported C$0.06 EPS for the quarter, missing analysts’ consensus estimates of C$0.11 by C($0.05). The business had revenue of C$174.74 million during the quarter, compared to the consensus estimate of C$167.77 million. Gran Tierra Energy had a negative return on equity of 16.58% and a negative net margin of 31.22%.

About Gran Tierra Energy

Gran Tierra Energy Inc, together with its subsidiaries, engages in the exploration and production of oil and gas properties in Colombia. As of December 31, 2017, the company had total proved undeveloped reserves of 19.6 million barrels of oil equivalent. Gran Tierra Energy Inc was incorporated in 2003 and is headquartered in Calgary, Canada.

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