Zacks Investment Research downgraded shares of Gran Tierra Energy (NYSEAMERICAN:GTE) from a buy rating to a hold rating in a research report released on Wednesday morning, Zacks.com reports.
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 analysts have also recently issued reports on the stock. BMO Capital Markets reissued a buy rating on shares of Gran Tierra Energy in a research report on Wednesday, June 26th. Canaccord Genuity set a $4.00 price objective on shares of Gran Tierra Energy and gave the stock a buy rating in a research report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has an average rating of Buy and an average target price of $3.67.
Shares of NYSEAMERICAN:GTE opened at $1.12 on Wednesday. Gran Tierra Energy has a 52-week low of $1.03 and a 52-week high of $3.77.
Gran Tierra Energy (NYSEAMERICAN:GTE) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.02. The firm had revenue of $157.99 million for the quarter.
In related news, major shareholder Gmt Capital Corp bought 440,800 shares of Gran Tierra Energy stock in a transaction dated Thursday, August 29th. The stock was purchased at an average cost of $1.34 per share, with a total value of $590,672.00. Following the transaction, the insider now directly owns 76,361,486 shares of the company’s stock, valued at $102,324,391.24. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director David P. Smith bought 205,000 shares of Gran Tierra Energy stock in a transaction dated Wednesday, August 28th. The shares were bought at an average cost of $1.28 per share, with a total value of $262,400.00. Following the completion of the transaction, the director now directly owns 247,500 shares in the company, valued at $316,800. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 830,800 shares of company stock valued at $1,119,472.
Institutional investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp boosted its holdings in Gran Tierra Energy by 17.8% in the 2nd quarter. Mackenzie Financial Corp now owns 56,300 shares of the company’s stock worth $90,000 after buying an additional 8,500 shares during the period. Luminus Management LLC boosted its holdings in Gran Tierra Energy by 19.2% in the 2nd quarter. Luminus Management LLC now owns 27,815,359 shares of the company’s stock worth $43,996,000 after buying an additional 4,486,398 shares during the period. Morgan Stanley boosted its holdings in Gran Tierra Energy by 7.0% in the 2nd quarter. Morgan Stanley now owns 2,719,552 shares of the company’s stock worth $4,325,000 after buying an additional 176,976 shares during the period. Bank of America Corp DE boosted its holdings in Gran Tierra Energy by 298.0% in the 2nd quarter. Bank of America Corp DE now owns 330,124 shares of the company’s stock worth $526,000 after buying an additional 247,168 shares during the period. Finally, Invesco Ltd. boosted its holdings in Gran Tierra Energy by 2.0% in the 2nd quarter. Invesco Ltd. now owns 13,477,993 shares of the company’s stock worth $21,429,000 after buying an additional 258,800 shares during the period.
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, 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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