Zacks Investment Research upgraded shares of Gran Tierra Energy (NYSEAMERICAN:GTE) from a sell rating to a hold rating in a report issued on Saturday morning, Zacks.com reports.

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. “

A number of other brokerages have also commented on GTE. Royal Bank of Canada lowered Gran Tierra Energy from a top pick rating to an outperform rating in a report on Tuesday, May 21st. BMO Capital Markets reiterated a buy rating on shares of Gran Tierra Energy in a report on Wednesday, June 26th. Canaccord Genuity reiterated a buy rating on shares of Gran Tierra Energy in a report on Thursday, June 20th. Finally, Scotiabank reiterated a buy rating and set a $5.50 price target on shares of Gran Tierra Energy in a report on Friday, May 10th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Gran Tierra Energy currently has an average rating of Buy and a consensus target price of $4.38.

Shares of GTE stock opened at $1.43 on Friday. Gran Tierra Energy has a 12 month low of $1.38 and a 12 month high of $3.96.

In other Gran Tierra Energy news, CFO Ryan Ellson purchased 18,400 shares of the business’s stock in a transaction dated Wednesday, June 19th. The stock was bought at an average cost of $1.61 per share, for a total transaction of $29,624.00. Following the completion of the acquisition, the chief financial officer now directly owns 254,430 shares in the company, valued at $409,632.30. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Several hedge funds and other institutional investors have recently modified their holdings of GTE. Wells Fargo & Company MN raised its stake in shares of Gran Tierra Energy by 237.1% in the second quarter. Wells Fargo & Company MN now owns 23,115 shares of the company’s stock valued at $37,000 after purchasing an additional 16,257 shares in the last quarter. Jane Street Group LLC raised its stake in Gran Tierra Energy by 10.6% during the fourth quarter. Jane Street Group LLC now owns 48,144 shares of the company’s stock worth $104,000 after acquiring an additional 4,600 shares in the last quarter. RWC Asset Management LLP acquired a new position in Gran Tierra Energy during the second quarter worth $109,000. CIBC Private Wealth Group LLC acquired a new position in Gran Tierra Energy during the first quarter worth $114,000. Finally, K.J. Harrison & Partners Inc raised its stake in Gran Tierra Energy by 490.2% during the first quarter. K.J. Harrison & Partners Inc now owns 60,200 shares of the company’s stock worth $137,000 after acquiring an additional 50,000 shares in the last quarter.

About Gran Tierra Energy

Gran Tierra Energy Inc, together with its subsidiaries, engages in the exploration and production of oil and gas properties in Colombia. As of December 31, 2018, the company had total proved undeveloped reserves of 17.3 million barrels of oil equivalent. Gran Tierra Energy Inc was incorporated in 2003 and is headquartered in Calgary, Canada.

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Analyst Recommendations for Gran Tierra Energy (NYSEAMERICAN:GTE)

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