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David P. Smith, a director at Gran Tierra Energy Inc. (NYSE:GTE), recently engaged in a stock transaction involving the company’s common stock. On March 26, Smith sold 4,798 shares at an average price of $5.15 per share, amounting to a total of $24,709. Following this sale, Smith’s direct ownership stands at 67,500 shares. The transaction comes as GTE’s stock has experienced a significant decline, with InvestingPro data showing a -30% year-to-date return and the stock trading well below its 52-week high of $10.40.
In a related transaction on the same day, Smith acquired 4,798 shares through the exercise of stock options at a price of $5.16 per share, totaling $24,757. These transactions reflect Smith’s ongoing management of his equity in the company. According to InvestingPro analysis, while GTE has been profitable over the last twelve months with a healthy gross profit margin of 64.5%, analysts expect challenging conditions ahead. For detailed insights and additional ProTips about GTE’s financial health and future prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Gran Tierra Energy reported a net income of $3 million for the fourth quarter of 2024, a significant improvement from a net loss of $6.3 million the previous year. Despite this positive financial turnaround, the company’s stock experienced a decline, possibly due to investor concerns about future earnings forecasts and market conditions. The company achieved an average production of 34,710 barrels of oil equivalent per day in 2024, marking a 6% increase from the previous year. However, adjusted EBITDA decreased by 8% to $367 million, highlighting some operational challenges.
Gran Tierra’s revenue from net oil sales slightly decreased by 2% to $622 million, while capital expenditures rose by 3% to $234 million. The company has set an ambitious production target for 2025, aiming for 47,000 to 53,000 barrels of oil equivalent per day. Gran Tierra plans to allocate 25% of its capital program to exploration, with multiple wells scheduled for drilling across its operational regions.
In terms of financial strategy, Gran Tierra intends to reduce its gross debt to $600 million by the end of 2026 and $500 million by 2027. The company is also focused on share repurchases, having bought back 6.7% of its outstanding shares in 2024. Analyst discussions from firms such as Bank of America and RBC Capital Markets indicate a cautious outlook, with some emphasis on the company’s ability to manage costs and execute its growth plans effectively.
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