Gran Tierra Energy Inc (GTE) Short Interest Down 3.5% in March

Gran Tierra Energy Inc (NYSEAMERICAN:GTE) saw a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 3,697,821 shares, a decline of 3.5% from the February 28th total of 3,831,152 shares. Approximately 1.0% of the company’s stock are sold short. Based on an average trading volume of 1,593,452 shares, the short-interest ratio is presently 2.3 days.

GTE stock opened at $2.79 on Tuesday. Gran Tierra Energy has a 1-year low of $1.93 and a 1-year high of $3.00. The firm has a market cap of $978.26, a price-to-earnings ratio of -34.88 and a beta of 0.68.

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Gran Tierra Energy declared that its board has authorized a stock buyback program on Wednesday, March 7th that allows the company to buyback 500% of outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Several research analysts have weighed in on GTE shares. TheStreet upgraded shares of Gran Tierra Energy from a “d+” rating to a “c” rating in a report on Tuesday, January 2nd. Zacks Investment Research downgraded shares of Gran Tierra Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, March 2nd.

In related news, Director Brooke N. Wade bought 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 6th. The shares were bought at an average price of $2.56 per share, for a total transaction of $384,000.00. Following the transaction, the director now directly owns 242,600 shares of the company’s stock, valued at $621,056. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Rodger Derrick Trimble bought 15,200 shares of the company’s stock in a transaction that occurred on Monday, March 5th. The shares were bought at an average price of $2.54 per share, for a total transaction of $38,608.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 173,080 shares of company stock worth $442,544 in the last quarter.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GTE. California Public Employees Retirement System raised its holdings in Gran Tierra Energy by 19.1% during the third quarter. California Public Employees Retirement System now owns 1,913,047 shares of the company’s stock worth $4,362,000 after buying an additional 307,247 shares during the last quarter. GSA Capital Partners LLP raised its holdings in Gran Tierra Energy by 51.4% during the third quarter. GSA Capital Partners LLP now owns 701,204 shares of the company’s stock worth $1,599,000 after buying an additional 238,026 shares during the last quarter. Wasatch Advisors Inc. raised its holdings in Gran Tierra Energy by 14.7% during the fourth quarter. Wasatch Advisors Inc. now owns 3,290,293 shares of the company’s stock worth $8,884,000 after buying an additional 420,776 shares during the last quarter. Foundry Partners LLC raised its holdings in Gran Tierra Energy by 3.3% during the fourth quarter. Foundry Partners LLC now owns 1,738,316 shares of the company’s stock worth $4,693,000 after buying an additional 55,410 shares during the last quarter. Finally, CIBC World Markets Inc. raised its holdings in Gran Tierra Energy by 32.3% during the fourth quarter. CIBC World Markets Inc. now owns 87,434 shares of the company’s stock worth $236,000 after buying an additional 21,350 shares during the last quarter.

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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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