Gran Tierra Energy (NYSEAMERICAN:GTE) Shares Gap Up After Insider Buying Activity

Gran Tierra Energy Inc (NYSEAMERICAN:GTE)’s share price gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $0.96, but opened at $1.01. Gran Tierra Energy shares last traded at $1.02, with a volume of 2,985,100 shares traded.

Specifically, CFO Ryan Ellson purchased 35,300 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were purchased at an average cost of $1.08 per share, for a total transaction of $38,124.00. Following the completion of the purchase, the chief financial officer now directly owns 254,519 shares in the company, valued at $274,880.52. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Gmt Capital Corp purchased 440,800 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was acquired at an average price of $1.34 per share, for a total transaction of $590,672.00. Following the completion of the purchase, the insider now owns 76,361,486 shares of the company’s stock, valued at $102,324,391.24. The disclosure for this purchase can be found here. In the last three months, insiders bought 818,300 shares of company stock worth $1,038,798.

A number of analysts recently weighed in on the company. Scotiabank downgraded Gran Tierra Energy from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, November 6th. Zacks Investment Research downgraded Gran Tierra Energy from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. TheStreet downgraded Gran Tierra Energy from a “c” rating to a “d” rating in a research report on Wednesday, November 6th. National Bank Financial began coverage on Gran Tierra Energy in a research report on Friday, October 11th. They set a “sector perform” rating on the stock. Finally, Canaccord Genuity set a $4.00 target price on Gran Tierra Energy and gave the stock a “buy” rating in a research report on Friday, August 30th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $3.58.

A number of institutional investors have recently added to or reduced their stakes in GTE. Cornerstone Investment Partners LLC increased its stake in Gran Tierra Energy by 91.2% in the third quarter. Cornerstone Investment Partners LLC now owns 24,855 shares of the company’s stock valued at $31,000 after purchasing an additional 11,855 shares during the last quarter. Wells Fargo & Company MN increased its stake in Gran Tierra Energy by 237.1% during the second quarter. Wells Fargo & Company MN now owns 23,115 shares of the company’s stock worth $37,000 after acquiring an additional 16,257 shares during the last quarter. A.R.T. Advisors LLC increased its stake in Gran Tierra Energy by 43.3% during the second quarter. A.R.T. Advisors LLC now owns 37,406 shares of the company’s stock worth $59,000 after acquiring an additional 11,300 shares during the last quarter. Mackenzie Financial Corp increased its stake in Gran Tierra Energy by 17.8% during the second quarter. Mackenzie Financial Corp now owns 56,300 shares of the company’s stock worth $90,000 after acquiring an additional 8,500 shares during the last quarter. Finally, RWC Asset Management LLP acquired a new stake in Gran Tierra Energy during the second quarter worth about $109,000.

About Gran Tierra Energy (NYSEAMERICAN:GTE)

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.

See Also: Trading Strategy Examples and Plans

Receive News & Ratings for Gran Tierra Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gran Tierra Energy and related companies with MarketBeat.com's FREE daily email newsletter.