Gran Tierra Energy Inc (GTE) Shares Up 7.1% on Insider Buying Activity
Gran Tierra Energy Inc (TSE:GTE) (AMEX:GTE) shot up 7.1% during trading on Wednesday after an insider bought additional shares in the company. The company traded as high as C$2.74 and last traded at C$2.71. 1,324,040 shares changed hands during trading, an increase of 173% from the average session volume of 484,849 shares. The stock had previously closed at C$2.53.
Specifically, insider Gmt Capital Corp bought 14,200 shares of the stock in a transaction dated Tuesday, September 12th. The stock was bought at an average price of C$2.06 per share, for a total transaction of C$29,252.00. Also, Director David Paul Smith bought 35,000 shares of the stock in a transaction dated Wednesday, June 21st. The stock was purchased at an average price of C$2.08 per share, with a total value of C$72,800.00. Over the last quarter, insiders bought 130,500 shares of company stock worth $272,442.
Separately, Zacks Investment Research upgraded Gran Tierra Energy from a “hold” rating to a “buy” rating and set a C$2.50 target price for the company in a research note on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of C$4.90.
The stock’s 50-day moving average price is $2.69 and its 200 day moving average price is $3.10. The company’s market capitalization is $1.08 billion.
Gran Tierra Energy (TSE:GTE) (AMEX:GTE) last announced its quarterly earnings data on Thursday, August 3rd. The company reported C($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.04 by C($0.06). Gran Tierra Energy had a negative return on equity of 2.76% and a negative net margin of 7.08%. The firm had revenue of C$96.13 million during the quarter, compared to the consensus estimate of C$99.95 million. On average, equities analysts forecast that Gran Tierra Energy Inc will post $0.07 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Jane Street Group LLC boosted its position in Gran Tierra Energy by 10.4% during the 1st quarter. Jane Street Group LLC now owns 40,479 shares of the company’s stock valued at $107,000 after acquiring an additional 3,818 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Gran Tierra Energy by 85.1% during the 1st quarter. Tower Research Capital LLC TRC now owns 40,689 shares of the company’s stock valued at $107,000 after acquiring an additional 18,709 shares in the last quarter. BlueCrest Capital Management Ltd bought a new stake in Gran Tierra Energy during the 2nd quarter valued at $114,000. Mckinley Capital Management LLC Delaware bought a new stake in Gran Tierra Energy during the 1st quarter valued at $135,000. Finally, Karp Capital Management Corp bought a new stake in Gran Tierra Energy during the 1st quarter valued at $182,000.
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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