Gran Tierra Energy (NYSE:GTE) Cut to Hold at Canaccord Genuity Group

Canaccord Genuity Group downgraded shares of Gran Tierra Energy (NYSE:GTE) from a strong-buy rating to a hold rating in a research report report published on Tuesday,Zacks.com reports.

Separately, Roth Mkm initiated coverage on shares of Gran Tierra Energy in a research report on Friday, December 12th. They set a “buy” rating and a $5.45 price target for the company. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $5.45.

Gran Tierra Energy Price Performance

NYSE GTE opened at $6.25 on Tuesday. The business’s fifty day moving average price is $4.52 and its 200-day moving average price is $4.28. The stock has a market capitalization of $220.60 million, a price-to-earnings ratio of 4.37 and a beta of 0.30. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.31 and a quick ratio of 1.19. Gran Tierra Energy has a 1-year low of $3.09 and a 1-year high of $6.44.

Insider Transactions at Gran Tierra Energy

In related news, major shareholder Daniel Lau acquired 360,000 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The stock was bought at an average cost of $3.95 per share, for a total transaction of $1,422,000.00. Following the purchase, the insider owned 3,531,200 shares in the company, valued at $13,948,240. The trade was a 11.35% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Equinox Partners Investment Ma bought 276,000 shares of Gran Tierra Energy stock in a transaction that occurred on Tuesday, November 4th. The stock was purchased at an average cost of $3.79 per share, with a total value of $1,046,040.00. Following the completion of the acquisition, the director directly owned 2,255,590 shares in the company, valued at $8,548,686.10. This represents a 13.94% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have bought 1,643,783 shares of company stock worth $6,690,541. Insiders own 6.45% of the company’s stock.

Institutional Trading of Gran Tierra Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Quadrature Capital Ltd purchased a new position in shares of Gran Tierra Energy during the 2nd quarter valued at $56,000. Bank of America Corp DE increased its stake in Gran Tierra Energy by 270.3% in the 2nd quarter. Bank of America Corp DE now owns 15,962 shares of the company’s stock worth $76,000 after buying an additional 11,651 shares in the last quarter. XTX Topco Ltd bought a new stake in Gran Tierra Energy during the second quarter valued at about $92,000. Marshall Wace LLP purchased a new position in shares of Gran Tierra Energy in the second quarter valued at about $97,000. Finally, Centiva Capital LP purchased a new position in shares of Gran Tierra Energy in the third quarter valued at about $103,000. 31.70% of the stock is owned by hedge funds and other institutional investors.

Gran Tierra Energy Company Profile

Gran Tierra Energy Inc is an independent oil and gas exploration and production company focused on on-shore assets in South America. Headquartered in Calgary, Alberta, the company trades on the New York Stock Exchange under the symbol GTE. Since its founding in 2006, Gran Tierra has assembled a diversified portfolio of exploration and development blocks, with principal operations in Colombia’s Llanos and Putumayo basins and in Ecuador’s Oriente Basin.

The company’s core activities encompass the full upstream value chain, from geological and geophysical surveys to drilling, completion and production operations.