TD Securities Upgrades Gran Tierra Energy (GTE) to Buy
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Price: $9.91 +1.54%
Rating Summary:
15 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
15 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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TD Securities upgraded Gran Tierra Energy (NYSE: GTE) from Hold to Buy and raised its price target to C$10.50 (from C$9.50).
"A reduction in the spot U.S. dollar/Canadian dollar exchange rate assumption we are using to $0.90 (from $0.97) is the main reason for an average ~8% increase in our Canadian dollar NAVPS estimates for International E&Ps and a similar increase in our NAVPS-derived target prices. Since this increases our implied return to target to 32%, we are increasing our rating to BUY (from Hold)," said analyst Jamie Somerville.
"We also note that since we downgraded Gran Tierra on October 29, its share price has traded down very slightly although the company has reported generally positive results and the share price of some of its closest peers have increased 30%–50% (closest peers saw 15% jump on average). As a result, we believe that the stock has lost most or all of the premium valuation we previously perceived," he added.
For an analyst ratings summary and ratings history on Gran Tierra Energy click here. For more ratings news on Gran Tierra Energy click here.
Shares of Gran Tierra Energy closed at $7.11 yesterday.
"A reduction in the spot U.S. dollar/Canadian dollar exchange rate assumption we are using to $0.90 (from $0.97) is the main reason for an average ~8% increase in our Canadian dollar NAVPS estimates for International E&Ps and a similar increase in our NAVPS-derived target prices. Since this increases our implied return to target to 32%, we are increasing our rating to BUY (from Hold)," said analyst Jamie Somerville.
"We also note that since we downgraded Gran Tierra on October 29, its share price has traded down very slightly although the company has reported generally positive results and the share price of some of its closest peers have increased 30%–50% (closest peers saw 15% jump on average). As a result, we believe that the stock has lost most or all of the premium valuation we previously perceived," he added.
For an analyst ratings summary and ratings history on Gran Tierra Energy click here. For more ratings news on Gran Tierra Energy click here.
Shares of Gran Tierra Energy closed at $7.11 yesterday.
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