Gran Tierra Energy Inc (NYSEAMERICAN:GTE) Sees Large Increase in Short Interest

Gran Tierra Energy Inc (NYSEAMERICAN:GTE) was the target of a significant growth in short interest during the month of February. As of February 14th, there was short interest totalling 11,110,000 shares, a growth of 55.4% from the January 30th total of 7,150,000 shares. Approximately 3.1% of the company’s shares are sold short. Based on an average daily volume of 1,890,000 shares, the short-interest ratio is currently 5.9 days.

A number of equities analysts have issued reports on GTE shares. Zacks Investment Research cut shares of Gran Tierra Energy from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 23rd. TheStreet cut shares of Gran Tierra Energy from a “c” rating to a “d” rating in a research report on Wednesday, November 6th. Scotiabank cut shares of Gran Tierra Energy from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, November 6th. CIBC restated a “hold” rating and issued a $2.50 price objective on shares of Gran Tierra Energy in a research report on Tuesday, December 10th. Finally, Citigroup decreased their price objective on shares of Gran Tierra Energy from $2.50 to $2.20 and set a “buy” rating on the stock in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. Gran Tierra Energy presently has a consensus rating of “Hold” and a consensus target price of $3.09.

Shares of GTE stock traded down $0.06 during mid-day trading on Wednesday, reaching $0.82. The stock had a trading volume of 1,666,001 shares, compared to its average volume of 1,878,679. Gran Tierra Energy has a 52-week low of $0.80 and a 52-week high of $2.64.

In other news, Director Brooke N. Wade acquired 122,200 shares of the firm’s stock in a transaction on Friday, December 27th. The shares were purchased at an average price of $1.23 per share, for a total transaction of $150,306.00. Also, Director Brooke N. Wade acquired 483,800 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was purchased at an average price of $1.20 per share, for a total transaction of $580,560.00.

Hedge funds have recently added to or reduced their stakes in the business. Cornerstone Investment Partners LLC increased its position in shares of Gran Tierra Energy by 91.2% during the third quarter. Cornerstone Investment Partners LLC now owns 24,855 shares of the company’s stock valued at $31,000 after buying an additional 11,855 shares during the period. State Street Corp increased its position in shares of Gran Tierra Energy by 5.6% during the third quarter. State Street Corp now owns 985,463 shares of the company’s stock valued at $1,232,000 after buying an additional 52,665 shares during the period. K.J. Harrison & Partners Inc increased its position in shares of Gran Tierra Energy by 74.1% during the fourth quarter. K.J. Harrison & Partners Inc now owns 70,000 shares of the company’s stock valued at $90,000 after buying an additional 29,800 shares during the period. Barclays PLC increased its position in shares of Gran Tierra Energy by 47.2% during the third quarter. Barclays PLC now owns 45,850 shares of the company’s stock valued at $57,000 after buying an additional 14,710 shares during the period. Finally, Bank of America Corp DE increased its position in shares of Gran Tierra Energy by 298.0% during the second quarter. Bank of America Corp DE now owns 330,124 shares of the company’s stock valued at $526,000 after buying an additional 247,168 shares during the period.

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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