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

Zacks Investment Research cut shares of Gran Tierra Energy (NYSEAMERICAN:GTE) from a hold rating to a strong sell rating in a research report sent to investors on Thursday 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. “

GTE has been the topic of a number of other reports. CIBC restated a hold rating and set a $2.50 target price on shares of Gran Tierra Energy in a research note on Tuesday, December 10th. National Bank Financial initiated coverage on shares of Gran Tierra Energy in a research note on Friday, October 11th. They set a sector perform rating on the stock. Scotiabank lowered shares of Gran Tierra Energy from an outperform rating to a sector perform rating in a research note on Wednesday, November 6th. TheStreet lowered shares of Gran Tierra Energy from a c rating to a d rating in a research note on Wednesday, November 6th. Finally, Citigroup cut their target price on shares of Gran Tierra Energy from $2.50 to $2.20 and set a buy rating on the stock in a research note on Thursday, November 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $3.09.

Shares of GTE stock traded down $0.03 during trading hours on Thursday, reaching $1.07. 1,707,592 shares of the stock were exchanged, compared to its average volume of 2,045,900. Gran Tierra Energy has a 12-month low of $0.92 and a 12-month high of $2.64.

Gran Tierra Energy (NYSEAMERICAN:GTE) last released its earnings results on Tuesday, November 5th. The company reported ($0.02) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.07). The company had revenue of $132.49 million for the quarter.

In related news, CFO Ryan Ellson purchased 35,300 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was acquired at an average price of $1.08 per share, for a total transaction of $38,124.00. Following the completion of the purchase, the chief financial officer now directly owns 254,519 shares of the company’s stock, valued at $274,880.52. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Gary Guidry purchased 60,200 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were bought at an average price of $1.06 per share, with a total value of $63,812.00. Following the purchase, the chief executive officer now directly owns 2,561,700 shares of the company’s stock, valued at $2,715,402. The disclosure for this purchase can be found here. Insiders have bought 2,867,600 shares of company stock valued at $3,265,652 in the last 90 days.

Large investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN raised its position in Gran Tierra Energy by 237.1% in 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 in the last quarter. Cornerstone Investment Partners LLC raised its position in Gran Tierra Energy by 91.2% in the third quarter. Cornerstone Investment Partners LLC now owns 24,855 shares of the company’s stock worth $31,000 after acquiring an additional 11,855 shares in the last quarter. A.R.T. Advisors LLC raised its position in Gran Tierra Energy by 43.3% in the second quarter. A.R.T. Advisors LLC now owns 37,406 shares of the company’s stock worth $59,000 after acquiring an additional 11,300 shares in the last quarter. Barclays PLC raised its position in Gran Tierra Energy by 47.2% in the third quarter. Barclays PLC now owns 45,850 shares of the company’s stock worth $57,000 after acquiring an additional 14,710 shares in the last quarter. Finally, Mackenzie Financial Corp raised its position in Gran Tierra Energy by 17.8% in the second quarter. Mackenzie Financial Corp now owns 56,300 shares of the company’s stock worth $90,000 after acquiring an additional 8,500 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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