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

Gran Tierra Energy (NYSE:GTE) was downgraded by equities research analysts at Canaccord Genuity Group from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Separately, Roth Mkm started coverage on Gran Tierra Energy in a research note on Friday, December 12th. They set a “buy” rating and a $5.45 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $5.45.

Gran Tierra Energy Stock Up 0.7%

Shares of Gran Tierra Energy stock opened at $5.71 on Tuesday. The business has a 50-day moving average price of $4.49 and a 200 day moving average price of $4.27. Gran Tierra Energy has a fifty-two week low of $3.09 and a fifty-two week high of $6.29. The firm has a market cap of $201.54 million, a P/E ratio of 3.99 and a beta of 0.30. The company has a quick ratio of 1.19, a current ratio of 1.31 and a debt-to-equity ratio of 1.71.

Insiders Place Their Bets

In other news, Director Equinox Partners Investment Ma purchased 80,408 shares of Gran Tierra Energy stock in a transaction dated Tuesday, November 25th. The stock was bought at an average price of $4.23 per share, with a total value of $340,125.84. Following the completion of the acquisition, the director owned 2,583,779 shares in the company, valued at $10,929,385.17. The trade was a 3.21% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 purchased at an average price of $3.95 per share, for a total transaction of $1,422,000.00. Following the completion of the transaction, the insider owned 3,531,200 shares in the company, valued at $13,948,240. The trade was a 11.35% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 1,643,783 shares of company stock worth $6,690,541 over the last quarter. 6.45% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Gran Tierra Energy

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

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.