Gran Tierra Energy (NYSEAMERICAN:GTE) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Gran Tierra Energy (NYSEAMERICAN:GTE) from a hold rating to a sell rating in a research report released on Tuesday 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. “

GTE has been the subject of several other reports. Scotiabank downgraded Gran Tierra Energy from a sector perform rating to an underperform rating in a research note on Tuesday, April 7th. BMO Capital Markets downgraded Gran Tierra Energy from an outperform rating to a market perform rating and set a $0.50 price target for the company. in a research note on Wednesday, June 3rd. Royal Bank of Canada downgraded Gran Tierra Energy from an outperform rating to a sector perform rating and set a $0.60 price target for the company. in a research note on Monday, May 18th. Finally, Mackie downgraded Gran Tierra Energy from a buy rating to a hold rating and set a $0.50 target price for the company. in a research note on Tuesday, May 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $1.65.

Shares of GTE opened at $0.35 on Tuesday. Gran Tierra Energy has a twelve month low of $0.18 and a twelve month high of $1.71.

Gran Tierra Energy (NYSEAMERICAN:GTE) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.32) EPS for the quarter. The business had revenue of $86.08 million during the quarter, compared to the consensus estimate of $124.20 million.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Moerus Capital Management LLC increased its holdings in shares of Gran Tierra Energy by 36.7% in the fourth quarter. Moerus Capital Management LLC now owns 17,574,599 shares of the company’s stock valued at $22,863,000 after buying an additional 4,718,525 shares in the last quarter. Ingalls & Snyder LLC grew its position in Gran Tierra Energy by 2.1% during the 1st quarter. Ingalls & Snyder LLC now owns 6,663,343 shares of the company’s stock worth $1,671,000 after purchasing an additional 136,638 shares in the last quarter. Norges Bank purchased a new position in Gran Tierra Energy during the 4th quarter worth approximately $6,005,000. River Road Asset Management LLC grew its position in Gran Tierra Energy by 31.3% during the 4th quarter. River Road Asset Management LLC now owns 2,464,412 shares of the company’s stock worth $3,179,000 after purchasing an additional 586,880 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Gran Tierra Energy by 38.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,224,455 shares of the company’s stock worth $2,870,000 after purchasing an additional 620,323 shares in the last quarter.

Gran Tierra Energy Company Profile

Gran Tierra Energy Inc, together with its subsidiaries, engages in the exploration and production of oil and gas properties in Colombia and Ecuador. As of December 31, 2019, it had total proved undeveloped reserves of 31.0 million barrels of oil equivalent in Colombia. The company was founded in 2003 and is headquartered in Calgary, Canada.

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