Gran Tierra Energy (NYSEAMERICAN:GTE) Lifted to “Hold” at Zacks Investment Research
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. “
Several other equities research analysts have also recently commented on GTE. Royal Bank of Canada cut shares of Gran Tierra Energy from a top pick rating to an outperform rating in a research report on Tuesday, May 21st. Scotiabank restated a buy rating and set a $5.50 price objective on shares of Gran Tierra Energy in a report on Friday, May 10th. BMO Capital Markets restated a buy rating on shares of Gran Tierra Energy in a report on Wednesday, June 26th. Finally, Canaccord Genuity restated a buy rating on shares of Gran Tierra Energy in a report on Thursday, June 20th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $4.38.
In related news, CFO Ryan Ellson acquired 18,400 shares of the business’s stock in a transaction on Wednesday, June 19th. The shares were purchased at an average price of $1.61 per share, for a total transaction of $29,624.00. Following the acquisition, the chief financial officer now owns 254,430 shares in the company, valued at $409,632.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
A number of large investors have recently added to or reduced their stakes in the business. GMT Capital Corp grew its stake in Gran Tierra Energy by 8.8% during the 1st quarter. GMT Capital Corp now owns 73,596,986 shares of the company’s stock valued at $167,473,000 after acquiring an additional 5,921,800 shares in the last quarter. Moerus Capital Management LLC grew its stake in Gran Tierra Energy by 11.5% during the 1st quarter. Moerus Capital Management LLC now owns 7,107,028 shares of the company’s stock valued at $16,185,000 after acquiring an additional 734,060 shares in the last quarter. Norges Bank purchased a new position in Gran Tierra Energy during the 4th quarter valued at about $12,493,000. Renaissance Technologies LLC grew its stake in Gran Tierra Energy by 11.8% during the 2nd quarter. Renaissance Technologies LLC now owns 5,456,161 shares of the company’s stock valued at $8,675,000 after acquiring an additional 575,161 shares in the last quarter. Finally, Schroder Investment Management Group grew its stake in Gran Tierra Energy by 74.7% during the 2nd quarter. Schroder Investment Management Group now owns 5,422,713 shares of the company’s stock valued at $11,117,000 after acquiring an additional 2,318,336 shares in the last quarter.
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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