Gran Tierra Energy (NYSE:GTE) Shares Up 12% - What's Next?

Key Points

• Gran Tierra Energy shares rose 12% to $7.49 in Friday’s trading, reaching an intraday high of $7.51 on volume modestly above average.
• Analyst sentiment improved after Roth Capital upgraded the stock to “Buy.” Gran Tierra has a consensus “Buy” rating and an average price target of $9.72, with Canaccord Genuity setting a $14 target.
• Institutional interest has increased, with several hedge funds initiating or expanding positions; institutional investors collectively own 31.7% of the company.

Shares of Gran Tierra Energy Inc. (NYSE:GTE - Get Free Report) were up 12% during mid-day trading on Friday . The stock traded as high as $7.51 and last traded at $7.49. Approximately 610,218 shares traded hands during trading, an increase of 14% from the average session volume of 535,057 shares. The stock had previously closed at $6.69.

Analysts Set New Price Targets

GTE has been the topic of a number of recent research reports. Roth Capital upgraded shares of Gran Tierra Energy from a "neutral" rating to a "buy" rating in a report on Tuesday, June 16th. Canaccord Genuity Group set a $14.00 price objective on Gran Tierra Energy in a report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. According to data from MarketBeat, Gran Tierra Energy presently has a consensus rating of "Buy" and an average target price of $9.72.

Gran Tierra Energy Stock Up 12.0%

The stock has a 50-day moving average price of $7.10 and a 200-day moving average price of $7.25. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.31 and a quick ratio of 1.19. The company has a market capitalization of $264.85 million, a P/E ratio of 5.24 and a beta of 0.13.

Hedge Funds Weigh In On Gran Tierra Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE grew its holdings in Gran Tierra Energy by 270.3% during the 2nd quarter. Bank of America Corp DE now owns 15,962 shares of the company's stock worth $76,000 after acquiring an additional 11,651 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Gran Tierra Energy in the 4th quarter valued at about $81,000. nVerses Capital LLC acquired a new position in shares of Gran Tierra Energy in the 4th quarter valued at about $84,000. XTX Topco Ltd bought a new stake in shares of Gran Tierra Energy during the 2nd quarter valued at about $92,000. Finally, Marshall Wace LLP bought a new stake in shares of Gran Tierra Energy during the 2nd quarter valued at about $97,000. Institutional investors and hedge funds own 31.70% of the company's stock.

About Gran Tierra Energy

Gran Tierra Energy Inc is an independent oil and gas exploration and production company focused on on-shore assets in South America. Headquartered in Calgary, Alberta, the company trades on the New York Stock Exchange under the symbol GTE. Since its founding in 2006, Gran Tierra has assembled a diversified portfolio of exploration and development blocks, with principal operations in Colombia’s Llanos and Putumayo basins and in Ecuador’s Oriente Basin.

The company’s core activities encompass the full upstream value chain, from geological and geophysical surveys to drilling, completion and production operations.

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