Standpoint Research Upgrades Gran Tierra Energy (GTE) to Buy; Time to Jump Back In
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Price: $9.38 +2.07%
Rating Summary:
15 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
15 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Standpoint Research upgraded Gran Tierra Energy (NYSE: GTE) to Buy.
Standpoint analyst, Ronnie Moas, said, "We went in-and-out of GTE once before. The shares were closed out on February 10, 2010 after running up 68% for us in eight months (from $3.21 to $5.41). GTE is levered to crude oil prices, but is less volatile. In our original report from 2009, we set a 2011-2012 conservative price target of $8.00, but because the shares ran up so sharply within a few months time, we decided to exit and lock in the 5500 bps gain versus the S&P-500. The shares continued to run after our exit and peaked at $9.50 in March 2011. The shares have pulled back 30% off that high and can now be reinstated. There was an earnings disappointment and a couple of dry holes that were hit in Colombian and Peruvian explorations. The market has over-reacted to that news and this has created an opportunity to reinstate a good name that ran away from us after we exited last year."
For more ratings news on Gran Tierra Energy click here and for the rating history of Gran Tierra Energy click here.
Shares of Gran Tierra Energy closed at $6.61 yesterday.
Standpoint analyst, Ronnie Moas, said, "We went in-and-out of GTE once before. The shares were closed out on February 10, 2010 after running up 68% for us in eight months (from $3.21 to $5.41). GTE is levered to crude oil prices, but is less volatile. In our original report from 2009, we set a 2011-2012 conservative price target of $8.00, but because the shares ran up so sharply within a few months time, we decided to exit and lock in the 5500 bps gain versus the S&P-500. The shares continued to run after our exit and peaked at $9.50 in March 2011. The shares have pulled back 30% off that high and can now be reinstated. There was an earnings disappointment and a couple of dry holes that were hit in Colombian and Peruvian explorations. The market has over-reacted to that news and this has created an opportunity to reinstate a good name that ran away from us after we exited last year."
For more ratings news on Gran Tierra Energy click here and for the rating history of Gran Tierra Energy click here.
Shares of Gran Tierra Energy closed at $6.61 yesterday.
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