Gran Tierra Energy (GTE) has been upgraded today by the securities research analysts at investment firm Standpoint Research which raised Gran Tierra Energy from a “hold” rating to “buy.” Standpoint has a performance outlook price target of $9 dollars set on GTE. Standpoint noted that the company has $30 million dollars in debt, however, they also have $250 million in cash in the company coffer. Standpoint expects revenue and earnings to increase more than 25% next year.
GTE began this week on a weak note but has since gained bullish momentum with each consecutive day since Tuesday trading. By Wednesday, GTE spiked north which is surely not going to draw the ire of traders with long-positions entered. Today, GTE broke above intermediate resistance found at the $6.70 price level which was last encountered on June 22nd, 2011.
Gran Tierra Energy is slated to release their next earnings report on August 4th, 2011, and the current consensus EPS estimate is expected to be 15 cents. Their last earnings report was released on May 10th, 2011, and announced EPS of 5 cents with revenue totaling $122 million which was up 31.6% year to year. GTE is currently trading between its 50 & 200-day moving averages and 2011 is currently an up year for the company.
Gran Tierra Energy Inc. is an independent international energy company engaged in oil and gas acquisition, exploration, development and production. We own oil and gas properties in Colombia, Argentina, Peru and Brazil. The company has market capitalization of $1,757,956,500 and 260,438,000 shares outstanding. GTE has a 52-week high of $9.64 with the low being $4.87 dollars.