Zacks Investment Research Downgrades Gran Tierra Energy Inc (GTE) to Strong Sell
Gran Tierra Energy Inc (TSE:GTE) (AMEX:GTE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday.
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. “
Other equities analysts have also issued research reports about the company. TD Securities reiterated an “action list buy” rating and issued a C$6.50 price target on shares of Gran Tierra Energy in a research report on Friday, May 5th. Credit Suisse Group set a C$4.00 price target on Gran Tierra Energy and gave the company a “buy” rating in a research report on Thursday, May 4th. Finally, Scotiabank reiterated an “outperform” rating and issued a C$6.00 price target on shares of Gran Tierra Energy in a research report on Thursday, May 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. Gran Tierra Energy has an average rating of “Buy” and an average price target of C$4.91.
Gran Tierra Energy (TSE:GTE) traded down 0.35% during trading on Tuesday, reaching $2.87. 548,055 shares of the company were exchanged. The stock’s market capitalization is $1.15 billion. Gran Tierra Energy has a 52-week low of $2.65 and a 52-week high of $4.40. The firm’s 50 day moving average is $2.86 and its 200 day moving average is $3.26.
Gran Tierra Energy (TSE:GTE) (AMEX:GTE) last released its quarterly earnings results on Thursday, August 3rd. The company reported ($0.02) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.06. Gran Tierra Energy had a net margin of 13.43% and a return on equity of 5.52%. The company had revenue of $96.13 million during the quarter, compared to analyst estimates of $99.95 million. Analysts expect that Gran Tierra Energy will post $0.13 EPS for the current year.
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In other Gran Tierra Energy news, insider Gmt Capital Corp acquired 11,400 shares of Gran Tierra Energy stock in a transaction that occurred on Thursday, May 11th. The stock was purchased at an average cost of C$2.53 per share, with a total value of C$28,842.00. Also, Director David Paul Smith acquired 35,000 shares of Gran Tierra Energy stock in a transaction that occurred on Wednesday, June 21st. The stock was acquired at an average cost of C$2.08 per share, with a total value of C$72,800.00. Over the last three months, insiders purchased 238,000 shares of company stock valued at $586,876.
Large investors have recently made changes to their positions in the company. MARSHALL WACE ASIA Ltd acquired a new stake in shares of Gran Tierra Energy during the first quarter valued at about $6,936,000. Marshall Wace North America L.P. acquired a new stake in shares of Gran Tierra Energy during the first quarter valued at about $6,936,000. Norges Bank acquired a new stake in shares of Gran Tierra Energy during the fourth quarter valued at about $6,835,000. Partners Value Investments LP acquired a new stake in shares of Gran Tierra Energy during the first quarter valued at about $4,472,000. Finally, Thomas White International Ltd. acquired a new stake in shares of Gran Tierra Energy during the first quarter valued at about $2,796,000.
About Gran Tierra Energy
Gran Tierra Energy Inc is an energy company engaged in oil and gas acquisition, exploration, development and production. The Company focuses on onshore oil and gas properties in Colombia, and also own rights to oil and gas properties in Brazil and Peru. Its segments are Colombia, Peru and Brazil based on geographic organization.
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