Gran Tierra Energy Inc (NYSEAMERICAN:GTE) was the target of a significant increase in short interest in June. As of June 30th, there was short interest totalling 4,117,400 shares, an increase of 34.6% from the May 30th total of 3,058,100 shares. Based on an average trading volume of 2,420,000 shares, the days-to-cover ratio is currently 1.7 days. Approximately 1.1% of the company’s stock are sold short.
In other news, major shareholder Gmt Capital Corp acquired 1,141,000 shares of Gran Tierra Energy stock in a transaction dated Wednesday, May 8th. The stock was purchased at an average cost of $2.18 per share, for a total transaction of $2,487,380.00. Following the completion of the purchase, the insider now directly owns 75,698,386 shares in the company, valued at approximately $165,022,481.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Ryan Ellson acquired 18,400 shares of Gran Tierra Energy stock in a transaction dated Wednesday, June 19th. The stock was purchased at an average price of $1.61 per share, with a total value of $29,624.00. Following the completion of the purchase, the chief financial officer now owns 254,430 shares of the company’s stock, valued at $409,632.30. The disclosure for this purchase can be found here. In the last three months, insiders acquired 1,169,400 shares of company stock valued at $2,533,104.
A number of hedge funds have recently made changes to their positions in GTE. BlackRock Inc. raised its position in Gran Tierra Energy by 17.5% during the fourth quarter. BlackRock Inc. now owns 842,703 shares of the company’s stock valued at $1,828,000 after acquiring an additional 125,417 shares in the last quarter. United Services Automobile Association raised its position in Gran Tierra Energy by 45.3% during the fourth quarter. United Services Automobile Association now owns 58,146 shares of the company’s stock valued at $126,000 after acquiring an additional 18,137 shares in the last quarter. Menta Capital LLC raised its position in Gran Tierra Energy by 104.5% during the fourth quarter. Menta Capital LLC now owns 193,244 shares of the company’s stock valued at $419,000 after acquiring an additional 98,733 shares in the last quarter. Two Sigma Advisers LP increased its position in shares of Gran Tierra Energy by 11.6% in the fourth quarter. Two Sigma Advisers LP now owns 1,174,934 shares of the company’s stock valued at $2,559,000 after buying an additional 121,977 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. increased its position in shares of Gran Tierra Energy by 6.3% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,687,212 shares of the company’s stock valued at $3,661,000 after buying an additional 99,993 shares in the last quarter.
Several research analysts have recently issued reports on GTE shares. Zacks Investment Research cut W. R. Grace & Co from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Royal Bank of Canada restated a “neutral” rating and issued a $192.00 price objective on shares of Amgen in a research note on Tuesday, May 21st. BMO Capital Markets restated a “buy” rating on shares of Gran Tierra Energy in a research note on Wednesday, June 26th. Canaccord Genuity reiterated a “buy” rating on shares of in a research report on Thursday, June 20th. Finally, Scotiabank upgraded Gibson Energy from an “average” rating to a “buy” rating and set a C$25.00 price target for the company in a research report on Friday, May 10th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $4.75.
Shares of GTE stock opened at $1.63 on Friday. Gran Tierra Energy has a twelve month low of $1.43 and a twelve month high of $3.96.
Gran Tierra Energy (NYSEAMERICAN:GTE) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.04). The company had revenue of $152.57 million during the quarter, compared to the consensus estimate of $148.50 million. During the same period in the prior year, the company posted $0.05 EPS.
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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