Gran Tierra Energy Inc (NYSEAMERICAN:GTE) saw a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 7,680,000 shares, a decrease of 18.6% from the September 30th total of 9,440,000 shares. Based on an average daily volume of 2,180,000 shares, the days-to-cover ratio is presently 3.5 days. Approximately 2.1% of the shares of the company are sold short.
In other news, CFO Ryan Ellson bought 35,300 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were bought at an average cost of $1.08 per share, with a total value of $38,124.00. Following the acquisition, the chief financial officer now owns 254,519 shares in the company, valued at $274,880.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Gmt Capital Corp bought 440,800 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was purchased at an average cost of $1.34 per share, for a total transaction of $590,672.00. Following the completion of the acquisition, the insider now owns 76,361,486 shares in the company, valued at approximately $102,324,391.24. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 2,279,200 shares of company stock worth $2,798,889.
Institutional investors have recently added to or reduced their stakes in the business. Cornerstone Investment Partners LLC raised its holdings in Gran Tierra Energy by 91.2% in the 3rd quarter. Cornerstone Investment Partners LLC now owns 24,855 shares of the company’s stock valued at $31,000 after acquiring an additional 11,855 shares during the period. Wells Fargo & Company MN raised its holdings in Gran Tierra Energy by 237.1% in the 2nd quarter. Wells Fargo & Company MN now owns 23,115 shares of the company’s stock valued at $37,000 after acquiring an additional 16,257 shares during the period. A.R.T. Advisors LLC raised its holdings in Gran Tierra Energy by 43.3% in the 2nd quarter. A.R.T. Advisors LLC now owns 37,406 shares of the company’s stock valued at $59,000 after acquiring an additional 11,300 shares during the period. Mackenzie Financial Corp raised its holdings in Gran Tierra Energy by 17.8% in the 2nd quarter. Mackenzie Financial Corp now owns 56,300 shares of the company’s stock valued at $90,000 after acquiring an additional 8,500 shares during the period. Finally, RWC Asset Management LLP bought a new position in Gran Tierra Energy in the 2nd quarter valued at about $109,000.
A number of brokerages have recently issued reports on GTE. National Bank Financial began coverage on shares of Gran Tierra Energy in a report on Friday, October 11th. They issued a “sector perform” rating on the stock. Scotiabank cut shares of Gran Tierra Energy from an “outperform” rating to a “sector perform” rating in a report on Wednesday, November 6th. Zacks Investment Research cut shares of Gran Tierra Energy from a “buy” rating to a “hold” rating in a report on Friday, October 25th. Canaccord Genuity set a $4.00 target price on shares of Gran Tierra Energy and gave the company a “buy” rating in a report on Friday, August 30th. Finally, TheStreet cut shares of Gran Tierra Energy from a “c” rating to a “d” rating in a report on Wednesday, November 6th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $3.58.
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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