Gran Tierra Energy (NYSE:GTE) Shares Down 6.9% – Time to Sell?

Gran Tierra Energy Inc. (NYSE:GTE)’s stock price fell 6.9% on Wednesday . The company traded as low as $8.64 and last traded at $8.74. 422,694 shares were traded during mid-day trading, a decline of 38% from the average session volume of 681,961 shares. The stock had previously closed at $9.39.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GTE. Raymond James Financial upgraded Gran Tierra Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, March 30th. Canaccord Genuity Group set a $14.00 target price on Gran Tierra Energy in a research report on Tuesday, April 14th. Finally, Roth Mkm downgraded Gran Tierra Energy from a “buy” rating to a “neutral” rating in a research report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $9.73.

Gran Tierra Energy Price Performance

The business’s 50-day simple moving average is $8.09 and its 200-day simple moving average is $5.84. The stock has a market cap of $308.51 million, a PE ratio of 6.11 and a beta of 0.17. The company has a quick ratio of 1.19, a current ratio of 1.31 and a debt-to-equity ratio of 1.71.

Institutional Investors Weigh In On Gran Tierra Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GSA Capital Partners LLP purchased a new stake in Gran Tierra Energy in the third quarter worth $633,000. Verition Fund Management LLC bought a new stake in Gran Tierra Energy in the fourth quarter worth $101,000. HRT Financial LP bought a new stake in Gran Tierra Energy in the fourth quarter worth $122,000. Centiva Capital LP bought a new stake in Gran Tierra Energy in the third quarter worth $103,000. Finally, PDT Partners LLC boosted its holdings in Gran Tierra Energy by 76.3% in the second quarter. PDT Partners LLC now owns 27,364 shares of the company’s stock worth $131,000 after acquiring an additional 11,841 shares in the last quarter. 31.70% of the stock is owned by hedge funds and other institutional investors.

Gran Tierra Energy Company Profile

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.