Gran Tierra Energy Inc (NYSEAMERICAN:GTE) gapped up prior to trading on Wednesday . The stock had previously closed at $1.53, but opened at $1.54. Gran Tierra Energy shares last traded at $1.45, with a volume of 108,504 shares traded.
GTE has been the topic of several analyst reports. Royal Bank of Canada cut Gran Tierra Energy from a “top pick” rating to an “outperform” rating in a research report on Tuesday, May 21st. Canaccord Genuity set a $4.00 price target on Gran Tierra Energy and gave the stock a “buy” rating in a research note on Friday, August 30th. BMO Capital Markets reaffirmed a “buy” rating on shares of Gran Tierra Energy in a report on Wednesday, June 26th. Finally, Zacks Investment Research raised Gran Tierra Energy from a “hold” rating to a “buy” rating and set a $1.50 price objective on the stock in a research report on Wednesday, August 21st. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $3.67.
Gran Tierra Energy (NYSEAMERICAN:GTE) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.02. The firm had revenue of $157.99 million for the quarter.
In other Gran Tierra Energy news, CFO Ryan Ellson purchased 18,400 shares of the company’s stock in a transaction dated Wednesday, June 19th. The shares were acquired at an average price of $1.61 per share, for a total transaction of $29,624.00. Following the purchase, the chief financial officer now directly owns 254,430 shares of the company’s stock, valued at approximately $409,632.30. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Gmt Capital Corp acquired 440,800 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were acquired at an average cost of $1.34 per share, with a total value of $590,672.00. Following the transaction, the insider now owns 76,361,486 shares in the company, valued at $102,324,391.24. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 859,200 shares of company stock valued at $1,165,196.
Several hedge funds have recently bought and sold shares of GTE. Mackenzie Financial Corp grew its position in shares of Gran Tierra Energy by 17.8% during the second quarter. Mackenzie Financial Corp now owns 56,300 shares of the company’s stock worth $90,000 after purchasing an additional 8,500 shares in the last quarter. A.R.T. Advisors LLC boosted its stake in Gran Tierra Energy by 43.3% in the 2nd quarter. A.R.T. Advisors LLC now owns 37,406 shares of the company’s stock worth $59,000 after purchasing an additional 11,300 shares during the period. Parametric Portfolio Associates LLC boosted its stake in Gran Tierra Energy by 9.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 153,214 shares of the company’s stock worth $244,000 after purchasing an additional 13,404 shares during the period. Wells Fargo & Company MN boosted its stake in Gran Tierra Energy by 237.1% in the 2nd quarter. Wells Fargo & Company MN now owns 23,115 shares of the company’s stock worth $37,000 after purchasing an additional 16,257 shares during the period. Finally, Sprott Inc. purchased a new stake in Gran Tierra Energy during the 2nd quarter valued at approximately $26,235,000.
About Gran Tierra Energy (NYSEAMERICAN:GTE)
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, 2018, the company had total proved undeveloped reserves of 17.3 million barrels of oil equivalent. Gran Tierra Energy Inc was incorporated in 2003 and is headquartered in Calgary, Canada.
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