Gran Tierra Energy (NYSEAMERICAN:GTE) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Gran Tierra Energy (NYSEAMERICAN:GTE) from a sell rating to a hold rating in a research report released on Saturday, 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. “

Other equities analysts have also issued reports about the stock. BMO Capital Markets restated a buy rating on shares of Gran Tierra Energy in a report on Wednesday, June 26th. Royal Bank of Canada lowered shares of Gran Tierra Energy from a top pick rating to an outperform rating in a report on Tuesday, May 21st. Canaccord Genuity restated a buy rating on shares of Gran Tierra Energy in a report on Thursday, June 20th. Finally, Scotiabank restated a buy rating and issued a $5.50 price objective on shares of Gran Tierra Energy in a report on Friday, May 10th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $4.38.

NYSEAMERICAN GTE traded down $0.01 during trading hours on Friday, hitting $1.47. The company’s stock had a trading volume of 2,899,042 shares, compared to its average volume of 1,872,318. Gran Tierra Energy has a twelve month low of $1.40 and a twelve month high of $3.96.

In other news, CFO Ryan Ellson bought 18,400 shares of the business’s stock in a transaction on Wednesday, June 19th. The shares were bought at an average cost of $1.61 per share, for a total transaction of $29,624.00. Following the completion of the acquisition, the chief financial officer now owns 254,430 shares in the company, valued at approximately $409,632.30. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

Several large investors have recently modified their holdings of the stock. Schroder Investment Management Group raised its holdings in shares of Gran Tierra Energy by 74.7% during the second quarter. Schroder Investment Management Group now owns 5,422,713 shares of the company’s stock worth $11,117,000 after acquiring an additional 2,318,336 shares during the period. Menta Capital LLC raised its holdings in shares of Gran Tierra Energy by 37.4% during the second quarter. Menta Capital LLC now owns 173,744 shares of the company’s stock worth $276,000 after acquiring an additional 47,247 shares during the period. Wasatch Advisors Inc. raised its holdings in shares of Gran Tierra Energy by 32.9% during the second quarter. Wasatch Advisors Inc. now owns 5,205,012 shares of the company’s stock worth $8,276,000 after acquiring an additional 1,288,794 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Gran Tierra Energy by 237.1% during the second quarter. Wells Fargo & Company MN now owns 23,115 shares of the company’s stock worth $37,000 after acquiring an additional 16,257 shares during the period. Finally, Mycio Wealth Partners LLC acquired a new stake in shares of Gran Tierra Energy during the second quarter worth $1,410,000.

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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