Gran Tierra Energy Inc (NYSEAMERICAN:GTE) saw a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 7,150,000 shares, a drop of 5.8% from the January 15th total of 7,590,000 shares. Currently, 2.0% of the shares of the company are short sold. Based on an average trading volume of 1,820,000 shares, the days-to-cover ratio is currently 3.9 days.
Several research firms have recently commented on GTE. TheStreet cut Gran Tierra Energy from a “c” rating to a “d” rating in a report on Wednesday, November 6th. Zacks Investment Research cut Gran Tierra Energy from a “hold” rating to a “strong sell” rating in a report on Thursday, January 23rd. Citigroup reduced their price target on Gran Tierra Energy from $2.50 to $2.20 and set a “buy” rating for the company in a report on Thursday, November 21st. CIBC reissued a “hold” rating and issued a $2.50 price target on shares of Gran Tierra Energy in a report on Tuesday, December 10th. Finally, Scotiabank cut Gran Tierra Energy from an “outperform” rating to a “sector perform” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $3.09.
In other Gran Tierra Energy news, Director Brooke N. Wade purchased 122,200 shares of Gran Tierra Energy stock in a transaction dated Friday, December 27th. The stock was acquired at an average cost of $1.23 per share, with a total value of $150,306.00. Also, major shareholder Gmt Capital Corp purchased 904,800 shares of Gran Tierra Energy stock in a transaction dated Monday, November 25th. The stock was acquired at an average cost of $1.02 per share, with a total value of $922,896.00. Following the completion of the acquisition, the insider now directly owns 81,022,386 shares in the company, valued at $82,642,833.72. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,653,900 shares of company stock valued at $1,798,293 over the last ninety days.
NYSEAMERICAN GTE opened at $0.92 on Friday. Gran Tierra Energy has a 1-year low of $0.86 and a 1-year high of $2.64.
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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