Royal Ronald, a director at Gran Tierra Energy Inc. (NYSE:GTE), recently sold 19,967 shares of the company's common stock. The shares were sold at an average price of $6.88 each, totaling approximately $137,372. Following this transaction, Ronald no longer holds any shares in the company. According to InvestingPro data, GTE has demonstrated strong profitability with a gross margin of 67% and is expected to maintain profitability this year, though its valuation suggests a poor free cash flow yield. The sale was executed on December 2, 2024, and the transaction price was initially in Canadian currency before being converted to U.S. dollars. With an EBITDA of $371.5M in the last twelve months and moderate debt levels, GTE shows promising fundamentals. Get the complete financial picture with 12+ additional key insights available on InvestingPro, including detailed valuation metrics and growth forecasts.
In other recent news, Gran Tierra Energy Inc. announced significant growth and diversification following the acquisition of i3 Energy, marking a considerable expansion into the Canadian market. The company reported a 31% increase in funds flow from operations, reaching $60 million, despite a 9% dip in oil sales due to lower market prices. Gran Tierra ended the quarter with a substantial cash reserve of $278 million and a net debt of $509 million.
These developments also include six consecutive discoveries in Ecuador and a cumulative production milestone of over 1 million barrels. The company anticipates a reduction in surtax and a lower overall tax rate for 2025, while also assessing its hedging strategy, targeting 20% to 50% coverage over the next 12 months.
Gran Tierra's acquisition of i3 Energy added 42 million BOE to PDP reserves, with total 1P reserves now approximately 178 million BOE. The company plans to announce its guidance for 2025 in early January, focusing on maintaining production growth with South America expected to continue as the primary contributor to adjusted EBITDA. As part of recent developments, Gran Tierra aims to approach capital allocation across diversified assets in a balanced manner.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.