Scotiabank downgraded shares of Gran Tierra Energy (NYSEAMERICAN:GTE) from an outperform rating to a sector perform rating in a research note published on Wednesday morning, The Fly reports.
Several other research firms have also issued reports on GTE. Canaccord Genuity set a $4.00 price target on shares of Gran Tierra Energy and gave the stock a buy rating in a report on Friday, August 30th. National Bank Financial began coverage on shares of Gran Tierra Energy in a research note on Friday, October 11th. They set a sector perform rating for the company. Finally, Zacks Investment Research lowered shares of Gran Tierra Energy from a buy rating to a hold rating in a research note on Friday, October 25th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $3.58.
Shares of GTE traded down $0.02 during trading hours on Wednesday, hitting $1.05. The company had a trading volume of 1,362,422 shares, compared to its average volume of 1,960,908. Gran Tierra Energy has a 12 month low of $0.97 and a 12 month high of $2.97.
In other news, major shareholder Gmt Capital Corp acquired 440,800 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were acquired at an average cost of $1.34 per share, for a total transaction of $590,672.00. Following the purchase, the insider now owns 76,361,486 shares of the company’s stock, valued at approximately $102,324,391.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brooke N. Wade acquired 185,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average price of $1.44 per share, for a total transaction of $266,400.00. Following the completion of the purchase, the director now directly owns 260,200 shares in the company, valued at approximately $374,688. The disclosure for this purchase can be found here. Insiders purchased a total of 961,300 shares of company stock worth $1,260,258 over the last three months.
Institutional investors and hedge funds have recently made changes to their positions in the company. Mackenzie Financial Corp increased its position in shares of Gran Tierra Energy by 17.8% during the 2nd quarter. Mackenzie Financial Corp now owns 56,300 shares of the company’s stock valued at $90,000 after purchasing an additional 8,500 shares during the last quarter. A.R.T. Advisors LLC raised its position in shares of 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 worth $59,000 after acquiring an additional 11,300 shares in the last quarter. Cornerstone Investment Partners LLC raised its position in shares of Gran Tierra Energy by 91.2% in the 3rd 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. Parametric Portfolio Associates LLC raised its position in shares of Gran Tierra Energy by 9.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 153,214 shares of the company’s stock worth $244,000 after acquiring an additional 13,404 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Gran Tierra Energy by 237.1% in the 2nd 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.
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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