Gran Tierra Energy (NYSEAMERICAN:GTE) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Gran Tierra Energy (NYSEAMERICAN:GTE) from a buy rating to a hold rating in a report published 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 commented on GTE. Canaccord Genuity set a $4.00 target price on Gran Tierra Energy and gave the stock a buy rating in a report on Friday, August 30th. BMO Capital Markets reaffirmed a buy rating on shares of Gran Tierra Energy in a report on Wednesday, June 26th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has an average rating of Buy and an average target price of $3.67.

NYSEAMERICAN GTE opened at $1.15 on Wednesday. Gran Tierra Energy has a 1-year low of $1.03 and a 1-year high of $3.63.

Gran Tierra Energy (NYSEAMERICAN:GTE) last announced its earnings results on Wednesday, August 7th. The company reported $0.06 EPS for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.02. The company had revenue of $157.99 million during the quarter.

In other Gran Tierra Energy news, Director Brooke N. Wade purchased 185,000 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was acquired at an average price of $1.44 per share, for a total transaction of $266,400.00. Following the purchase, the director now owns 260,200 shares of the company’s stock, valued at approximately $374,688. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David P. Smith purchased 205,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The stock was acquired at an average price of $1.28 per share, with a total value of $262,400.00. Following the purchase, the director now directly owns 247,500 shares in the company, valued at approximately $316,800. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 830,800 shares of company stock worth $1,119,472.

A number of hedge funds have recently modified their holdings of GTE. CIBC Private Wealth Group LLC purchased a new stake in Gran Tierra Energy in the 1st quarter worth $114,000. Marshall Wace LLP purchased a new stake in Gran Tierra Energy in the 1st quarter worth $618,000. Marshall Wace North America L.P. increased its stake in Gran Tierra Energy by 881.0% in the 1st quarter. Marshall Wace North America L.P. now owns 217,786 shares of the company’s stock worth $494,000 after buying an additional 195,586 shares in the last quarter. WINTON GROUP Ltd increased its stake in Gran Tierra Energy by 82.6% in the 2nd quarter. WINTON GROUP Ltd now owns 203,810 shares of the company’s stock worth $324,000 after buying an additional 92,213 shares in the last quarter. Finally, Evolution Wealth Advisors LLC purchased a new stake in Gran Tierra Energy in the 2nd quarter worth $342,000.

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, 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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