Target Price Raised on Energy Firm Post Share Rollback

May 12, 2023 (Investorideas.com Newswire) This oil and gas company's consolidation of outstanding shares warrants a price target increase, to the tune of 900%, noted a Research Capital Corp. report.

Gran Tierra Energy Inc. (GTE:TSX; GTE:NYSE.MKT) completed a 1-for-10 reverse stock split, reported Bill Newman, Research Capital Corp. analyst, in a May 8 research note.

Now, 33,300,000 (33.3M) shares are outstanding, down from 333.1M.

To reflect this share consolidation, the investment firm increased its target price on Gran Tierra by 900% to CA$21.50 per share from CA$2.15.

This new target implies a 162% gain for investors, given the Canadian oil and gas company is currently trading at about CA$5.52 per share. Gran Tierra remains a Buy.

One upcoming event in H2/23 that could move up Gran Tierra's stock, Newman pointed out, is the results of its current exploration program in Ecuador.

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