Gran Tierra Energy (GTE) Lowered to Hold at GMP Securities

Gran Tierra Energy (NYSEAMERICAN:GTE) was downgraded by research analysts at GMP Securities from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, February 4th, The Fly reports.

Several other analysts have also issued reports on the company. Zacks Investment Research lowered Gran Tierra Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, October 17th. Citigroup restated a “buy” rating on shares of Gran Tierra Energy in a research note on Monday, December 17th. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $4.38.

Shares of Gran Tierra Energy stock traded up $0.06 on Monday, hitting $2.32. The company had a trading volume of 1,945,583 shares, compared to its average volume of 1,318,593. Gran Tierra Energy has a 1 year low of $2.03 and a 1 year high of $3.96.

Gran Tierra Energy (NYSEAMERICAN:GTE) last issued its quarterly earnings results on Wednesday, February 27th. The company reported ($0.03) EPS for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.09). The company had revenue of $136.60 million during the quarter, compared to the consensus estimate of $154.40 million. The company’s revenue was up 7.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.10) earnings per share.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Gran Tierra Energy by 4.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,843,536 shares of the company’s stock valued at $8,340,000 after purchasing an additional 173,488 shares in the last quarter. Millennium Management LLC grew its position in Gran Tierra Energy by 856.5% during the fourth quarter. Millennium Management LLC now owns 201,386 shares of the company’s stock worth $437,000 after buying an additional 180,332 shares in the last quarter. Legal & General Group Plc grew its position in Gran Tierra Energy by 94.0% during the fourth quarter. Legal & General Group Plc now owns 129,405 shares of the company’s stock worth $282,000 after buying an additional 62,687 shares in the last quarter. Jane Street Group LLC grew its position 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 buying an additional 4,600 shares in the last quarter. Finally, RWC Asset Advisors US LLC purchased a new position in Gran Tierra Energy during the fourth quarter worth about $1,191,000.

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, 2017, the company had total proved undeveloped reserves of 19.6 million barrels of oil equivalent. Gran Tierra Energy Inc was incorporated in 2003 and is headquartered in Calgary, Canada.

See Also: Cost of Goods Sold (COGS)

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