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Equities researchers at HSBC started coverage on shares of Gran Tierra Energy (NYSE:GTE) in a research report issued on Wednesday, reports. The firm set an “overweight” rating on the stock.

Gran Tierra Energy (NYSE:GTE) traded up 0.83% during mid-day trading on Wednesday, hitting $6.715. The stock had a trading volume of 178,159 shares. Gran Tierra Energy has a one year low of $6.27 and a one year high of $8.18. The stock has a 50-day moving average of $6.85 and a 200-day moving average of $7.22. The company has a market cap of $1.917 billion and a P/E ratio of 25.52. Gran Tierra Energy also was the target of a significant decrease in short interest in the month of August. As of August 15th, there was short interest totalling 511,761 shares, a decrease of 20.0% from the July 31st total of 639,547 shares. Approximately 0.2% of the company’s shares are short sold. Based on an average trading volume of 1,021,814 shares, the days-to-cover ratio is currently 0.5 days.

Gran Tierra Energy (NYSE:GTE) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.13 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.13. On average, analysts predict that Gran Tierra Energy will post $0.58 earnings per share for the current fiscal year.

Separately, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Gran Tierra Energy in a research note on Thursday, July 24th. They now have a $12.00 price target on the stock, up previously from $11.00. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $10.90.

Gran Tierra Energy Inc (NYSE:GTE) is an independent international energy company engaged in oil and gas acquisition, exploration, development and production.

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