Gran Tierra Energy (NYSEAMERICAN:GTE) Shares Gap Up After Insider Buying Activity

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Gran Tierra Energy Inc (NYSEAMERICAN:GTE)’s stock price gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $0.96, but opened at $1.01. Gran Tierra Energy shares last traded at $1.02, with a volume of 2,985,100 shares trading hands.

Specifically, CEO Gary Guidry purchased 60,200 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was bought at an average price of $1.06 per share, for a total transaction of $63,812.00. Following the purchase, the chief executive officer now directly owns 2,561,700 shares in the company, valued at approximately $2,715,402. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David P. Smith purchased 205,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were bought at an average price of $1.28 per share, with a total value of $262,400.00. Following the purchase, the director now owns 247,500 shares in the company, valued at $316,800. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 2,279,200 shares of company stock valued at $2,798,889.

Several equities research analysts have recently issued reports on the stock. National Bank Financial assumed coverage on shares of Gran Tierra Energy in a research note on Friday, October 11th. They set a “sector perform” rating for the company. Scotiabank lowered shares of Gran Tierra Energy from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, November 6th. Canaccord Genuity set a $4.00 price target on shares of Gran Tierra Energy and gave the stock a “buy” rating in a research note on Friday, August 30th. Zacks Investment Research downgraded shares of Gran Tierra Energy from a “buy” rating to a “hold” rating in a report on Friday, October 25th. Finally, TheStreet downgraded shares of Gran Tierra Energy from a “c” rating to a “d” rating in a report on Wednesday, November 6th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Gran Tierra Energy currently has a consensus rating of “Buy” and a consensus target price of $3.58.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GTE. Sprott Inc. bought a new position in Gran Tierra Energy in the 2nd quarter valued at $26,235,000. Wells Fargo & Company MN boosted its holdings in Gran Tierra Energy by 237.1% in the 2nd quarter. Wells Fargo & Company MN now owns 23,115 shares of the company’s stock valued at $37,000 after purchasing an additional 16,257 shares during the period. Cornerstone Investment Partners LLC boosted its holdings in Gran Tierra Energy by 91.2% in the 3rd quarter. Cornerstone Investment Partners LLC now owns 24,855 shares of the company’s stock valued at $31,000 after purchasing an additional 11,855 shares during the period. A.R.T. Advisors LLC boosted its holdings in Gran Tierra Energy by 43.3% in the 2nd quarter. A.R.T. Advisors LLC now owns 37,406 shares of the company’s stock valued at $59,000 after purchasing an additional 11,300 shares during the period. Finally, RWC Asset Management LLP bought a new position in Gran Tierra Energy in the 2nd quarter valued at $109,000.

Gran Tierra Energy Company Profile (NYSEAMERICAN:GTE)

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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