Zacks Investment Research upgraded shares of Gran Tierra Energy Inc (TSE:GTE) (AMEX:GTE) from a hold rating to a buy rating in a report published on Tuesday, July 18th. The firm currently has C$2.50 price objective on the stock.
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. “
Other analysts have also recently issued reports about the stock. Scotiabank reaffirmed an outperform rating and issued a C$6.00 target price on shares of Gran Tierra Energy in a research note on Thursday, May 4th. Credit Suisse Group set a C$4.00 target price on shares of Gran Tierra Energy and gave the stock a buy rating in a research note on Thursday, May 4th. TD Securities reaffirmed an action list buy rating and issued a C$6.50 target price on shares of Gran Tierra Energy in a research note on Friday, May 5th. Finally, Cormark began coverage on shares of Gran Tierra Energy in a research note on Monday, March 20th. They issued a buy rating for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of C$4.90.
Shares of Gran Tierra Energy (TSE GTE) opened at 2.78 on Tuesday. Gran Tierra Energy has a 52-week low of $2.65 and a 52-week high of $4.40. The stock’s market capitalization is $1.10 billion. The stock has a 50 day moving average price of $2.86 and a 200-day moving average price of $3.24.
Gran Tierra Energy (TSE:GTE) (AMEX:GTE) last issued its quarterly earnings data on Thursday, August 3rd. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.06. Gran Tierra Energy had a negative return on equity of 2.76% and a negative net margin of 7.08%. The company had revenue of $96.13 million for the quarter, compared to analyst estimates of $99.95 million. On average, equities research analysts predict that Gran Tierra Energy will post $0.07 EPS for the current fiscal year.
In other Gran Tierra Energy news, insider Gmt Capital Corp purchased 12,900 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The stock was purchased at an average cost of C$2.35 per share, with a total value of C$30,315.00. Also, Director David Paul Smith purchased 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The shares were acquired at an average cost of C$2.08 per share, with a total value of C$72,800.00. Insiders have bought a total of 218,200 shares of company stock valued at $536,899 over the last three months.
A number of hedge funds have recently made changes to their positions in the company. MARSHALL WACE ASIA Ltd acquired a new stake in shares of Gran Tierra Energy during the first quarter worth $6,936,000. Marshall Wace North America L.P. acquired a new stake in shares of Gran Tierra Energy during the first quarter worth $6,936,000. Norges Bank acquired a new stake in shares of Gran Tierra Energy during the fourth quarter worth $6,835,000. Partners Value Investments LP acquired a new stake in shares of Gran Tierra Energy during the first quarter worth $4,472,000. Finally, Thomas White International Ltd. acquired a new stake in shares of Gran Tierra Energy during the first quarter worth $2,796,000.
About Gran Tierra Energy
Gran Tierra Energy Inc, an independent energy company, engages in the acquisition, exploration, development, and production of oil and gas properties in Colombia, Peru, and Brazil. As of December 31, 2016, the company had total proved undeveloped reserves of 14.9 million barrels of oil equivalent (MMBOE), including 10.4 MMBOE in Colombia and 4.5 MMBOE in Brazil.
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