Gran Tierra Energy (NYSEAMERICAN:GTE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage currently has a $3.50 target price on the stock. Zacks Investment Research‘s price target indicates a potential upside of 10.76% from the company’s current price.
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. “
Separately, BMO Capital Markets began coverage on shares of Gran Tierra Energy in a research report on Friday, July 20th. They issued an “outperform” rating and a $5.50 price objective for the company. Two equities research analysts have rated the stock with a sell rating and two have assigned a buy rating to the stock. Gran Tierra Energy currently has an average rating of “Hold” and an average target price of $4.50.
Shares of NYSEAMERICAN GTE traded up $0.06 on Monday, hitting $3.16. The company’s stock had a trading volume of 600,300 shares, compared to its average volume of 1,562,922. Gran Tierra Energy has a 12-month low of $1.93 and a 12-month high of $3.61.
Gran Tierra Energy (NYSEAMERICAN:GTE) last announced its quarterly earnings results on Thursday, August 2nd. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). Gran Tierra Energy had a net margin of 3.02% and a return on equity of 1.28%. The business had revenue of $163.45 million during the quarter, compared to analysts’ expectations of $155.78 million. During the same period last year, the company earned ($0.02) EPS. The firm’s revenue for the quarter was up 70.0% on a year-over-year basis.
In other news, Director David P. Smith acquired 77,500 shares of the business’s stock in a transaction dated Friday, August 10th. The stock was acquired at an average price of $3.39 per share, with a total value of $262,725.00. Following the completion of the transaction, the director now directly owns 142,500 shares in the company, valued at approximately $483,075. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website.
Several large investors have recently bought and sold shares of GTE. GMT Capital Corp raised its position in shares of Gran Tierra Energy by 7.6% in the second quarter. GMT Capital Corp now owns 63,043,306 shares of the company’s stock valued at $218,060,000 after buying an additional 4,478,500 shares during the last quarter. FMR LLC acquired a new position in shares of Gran Tierra Energy in the second quarter valued at approximately $15,212,000. Royal Bank of Canada raised its position in shares of Gran Tierra Energy by 465.1% in the first quarter. Royal Bank of Canada now owns 4,472,998 shares of the company’s stock valued at $12,481,000 after buying an additional 3,681,527 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Gran Tierra Energy by 24.7% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,855,400 shares of the company’s stock worth $34,089,000 after purchasing an additional 1,954,078 shares during the last quarter. Finally, Thrivent Financial for Lutherans acquired a new position in Gran Tierra Energy during the first quarter worth approximately $5,279,000.
Gran Tierra Energy Company Profile
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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