The stock of Gran Tierra Energy Inc. (NYSE:GTE) is now priced at $0.32 and the shares are 0 points down or 0.82% lower compared to its previous closing price of $0.32. The stock had 2.279 million contracts set over the past session. GTE shares’ daily volume is compared to its average trading volume at 5.911 million shares. However, it has a float of 360 million and although its performance was -11.03% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the GTE share price recently placing at $0.32 to $0.33. However, some brokerage firms have priced the stock below the average, including one that has called $0.36.
The shorts are running away from the Gran Tierra Energy Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the GTE shares have declined. Short interest in the stock represents just 0.78% of its float, but the volume has dropped by 0.
In the last trading session, Gran Tierra Energy Inc. (NYSE:GTE) dropped by -$0.0263 over the week and lost -$0.025 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $1.69. The stock recorded its established 52-week high on 07/31/19.
Since 03/18/20, the stock has traded to a low of $0.1775 at 80.96%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.83. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Gran Tierra Energy Inc.’s two-week RSI is 48.42. This suggests that the stock is neutral at the moment and that GTE shares’ price movement remains stable. The stochastic readings are equally revealing at 17.11% meaning the GTE share price is currently in overbought territory.
The technical chart shows that the GTE stock will likely settle at between $0.3275 and $0.3337 per share. However, if the stock dips below $0.3125, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.3037.
Currently, the stock is trading in the red of MACD, with a reading of -0.0086. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at RBC Capital Mkts cut their recommendation for GTE from Outperform to Sector Perform in May 18 review. Scotiabank analysts downgraded their recommendation of the stock from Sector Perform to Sector Underperform in a flash note released to investors on April 07. National Bank Financial analysts see the stock as Sector Perform when the analysts initiated the share price coverage on October 11.
The average rating for the GTE equity is 2.5 and is currently gathering a bullish momentum. Of 4 analysts tracking Gran Tierra Energy Inc. polled by Reuters, 4 rated GTE as a hold. The remaining 0 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.