Connor Clark & Lunn Investment Management Ltd. Takes Position in Gran Tierra Energy Inc. $GTE

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Gran Tierra Energy Inc. (NYSE:GTE) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 523,877 shares of the company’s stock, valued at approximately $3,294,000.

A number of other hedge funds also recently modified their holdings of GTE. Goldman Sachs Group Inc. boosted its holdings in shares of Gran Tierra Energy by 6.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 98,090 shares of the company’s stock worth $484,000 after buying an additional 6,015 shares during the period. Empowered Funds LLC raised its holdings in Gran Tierra Energy by 7.2% in the 1st quarter. Empowered Funds LLC now owns 233,271 shares of the company’s stock valued at $1,150,000 after acquiring an additional 15,719 shares during the period. Creative Planning bought a new position in Gran Tierra Energy in the 2nd quarter valued at about $117,000. XTX Topco Ltd acquired a new stake in Gran Tierra Energy during the second quarter worth approximately $92,000. Finally, Marshall Wace LLP acquired a new stake in Gran Tierra Energy during the second quarter worth approximately $97,000. Institutional investors and hedge funds own 31.70% of the company’s stock.

Gran Tierra Energy Stock Performance

Shares of NYSE GTE opened at $9.87 on Friday. 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 firm has a market cap of $349.20 million, a price-to-earnings ratio of 6.90 and a beta of 0.13. The stock’s fifty day moving average price is $7.66 and its two-hundred day moving average price is $7.82. Gran Tierra Energy Inc. has a one year low of $3.09 and a one year high of $11.52.

Analyst Upgrades and Downgrades

Separately, Roth Capital restated a “buy” rating on shares of Gran Tierra Energy in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $9.72.

Insider Activity

In related news, major shareholder Equinox Partners Investment Ma sold 347,990 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $9.31, for a total value of $3,239,786.90. Following the transaction, the insider directly owned 299,625 shares in the company, valued at approximately $2,789,508.75. This represents a 53.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 2,906,889 shares of company stock valued at $27,500,035 over the last three months. Insiders own 5.75% of the company’s stock.

Gran Tierra Energy 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.