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.
New target, attractive return
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$8.20 per share. Gran Tierra remains a Buy.
Next potential catalyst
One upcoming event, in H2/23, that could move up Gran Tierra's stock, Newman pointed out, is results of its current exploration program in Ecuador.
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