Wed, Aug. 5, 6:12 AM
Mon, Jul. 6, 9:10 AM
Thu, Jun. 25, 10:31 AM
- Gran Tierra Energy (GTE +4.6%) is upgraded to Buy from Hold with a $5 price target, raised from $4, at Canaccord, after the oil and gas explorer increased this year’s capital budget by $45M to $185M, mostly targeting its Moqueta field in Colombia.
- West Face Capital’s successful shake-up of GTE’s board and the appointment of Gary Guidry as CEO brings a team with a history of providing exceptional returns to shareholders, Canaccord says, that will focus on its core Colombian properties after failing to find growth in other parts of South America.
- Based on current strip pricing, GTE estimates the additional capital it is putting to work will generated internal rates of return above 30%, which Canaccord says is a "much more favorable yield for investors than sitting on cash."
Wed, Jun. 24, 5:58 PM
- Gran Tierra Energy (NYSEMKT:GTE) says it plans to increase its 2015 capital program by $45M to $185M, to provide accelerated development drilling at its core producing assets in the Putumayo Basin in Colombia.
- With the revised capital program, GTE expects 2015 gross working interest production to average 22.5K-23.5K boe/day, or 18.4K-19.4K boe/day net after royalty; production from Colombia is expected at ~17,850 boe/day net after royalty.
Wed, May 27, 12:29 PM
- Gran Tierra Energy (GTE -4.1%) is making Colombian oil deals the focus of its expansion this year as it steers investment plans away from Peru and Brazil, CEO Gary Guidry tells Bloomberg.
- GTE is "very interested” in assets being sold by Colombia’s state-run Ecopetrol and may diversify its portfolio to include heavy oil and natural gas blocks to take advantage of a strong balance sheet, the CEO says.
- Guidry was named president and CEO on May 8 as part of a shake-up led by hedge fund West Face Capital, which blamed the decline in GTE’s value since the start of 2011 on “failed high-risk, high-cost” exploration in Peru, Argentina and Brazil.
Mon, May 18, 7:45 PM
- Goldman Sachs had a lot to say about all corners of the energy sector today in addition to the cut in its long-term oil price forecast, its Sell recommendations for oil majors BP, Statoil (NYSE:STO) and Chevron (NYSE:CVX), and its gloomy outlook for offshore drillers Transocean (NYSE:RIG), Diamond Offshore (NYSE:DO) and Atwood Oceanics (NYSE:ATW).
- Goldman awards a Buy rating for Exxon Mobil (NYSE:XOM), "the only U.S. or European major that can generate sufficient free cash flow to cover its dividend near $60/bbl in 2016-17"; while the firm says other oil majors will be struggling to keep the dividend flat, XOM will be in a position to increase the dividend for the next several years.
- With its expectation for long-term weakness in oil and gas prices, Goldman sees risk exposure in many names that are reliant on commodity prices, suggesting selling LINE, DPM, NGLS, while predicting PAGP and NS would benefit from a removal of the U.S. crude oil export ban.
- The firm thinks many midstream MLP names now offer attractive valuations, recommending ENB, EPD, ETE, PAA, SXL, WNRL.
- Goldman sees an upturn for frac sand provider Emerge Energy (NYSE:EMES), upgrading shares to Buy from Neutral.
- Other Buys: CLR, NFX, CQP, HEP.
- Other Sells: TRP, TCP, GPOR, MUR, GTE
Mon, May 11, 9:03 AM| Mon, May 11, 9:03 AM | Comment!
Fri, May 8, 9:18 AM
- Gran Tierra Energy (NYSEMKT:GTE) agrees to concessions to West Face Capital, saying it will support the board nominees proposed by the activist investor and double the size of its board to eight members.
- GTE says West Face nominee Gary Guidry will take over as President and CEO, effective immediately.
- West Face, which owns ~9.8% of GTE’s shares outstanding, said last month it sought to replace the four-member board with its own nominees and boost the board size to six; under the new agreement, the board will expand to eight members, including six West Face nominees.
- GTE +1.3% premarket.
Thu, May 7, 6:25 PM
- Canadian oil producers plunged for a second straight day as "all bets are off" after election results in Alberta raised concerns over the possibility of higher taxes for the companies.
- Among today's losers: SU -2.6%, OTCQB:HUSKF -5.2%, GTE -5.8%, PWE -5.7%, IMO -1%, CVE -1%, OTCQX:COSWF -3.4%, OTCPK:MEGEF -5%.
- COSWF is among the most exposed to a potential hike in royalties and stricter environmental policies, while electricity supplier TransAlta (NYSE:TAC) would suffer from the new government’s vow to shut coal plants sooner than planned, according to analysts at BMO Nesbitt Burns and RBC Dominion.
- Advice is split on owning stocks of companies that transport and process fuels in Alberta; Raymond James says stocks such as TransCanada (NYSE:TRP) and Enbridge (NYSE:ENB) are less directly exposed to reduced investment in the sector, but RBC advises to sell pipeline and midstream companies with operations in Alberta.
- Analysts also are divided about how much producers with oil refineries, such as SU and IMO, could offset losses from potentially higher royalties by boosting processing of crude in Alberta, a move pro-labor NDP has pledged to support.
Thu, May 7, 2:07 AM
Tue, May 5, 12:37 PM
- Gran Tierra Energy (GTE +2.2%) has climbed ~15% since April 21, when West Face Capital said it had acquired 9.8% of the company and was seeking a board shakeup, but Canaccord analyst Chris Brown thinks the rally is being fueled by the prospects of either a new management team or a takeover offer from an international player attracted by GTE’s liquidity.
- "As both outcomes could potentially result in a higher near-term share price, this could be an exciting time for Gran Tierra shareholders,” Brown writes.
- With “little or no guidance by the existing management team," investors enjoy a "rare opportunity for a potential suitor to step in and capitalize on uncertainty,” according to the analyst.
Thu, Apr. 23, 10:56 AM
- Gran Tierra Energy (GTE +3.4%) moves to address some of the concerns of activist investor West Face Capital, saying it will focus on its core Colombian properties and scale back spending elsewhere.
- GTE's statement comes after West Face, which owns a ~9.8% in the company, indicated plans earlier this week to nominate six directors at the coming annual meeting, sweeping out the current four-member board.
- GTE says it would consider West Face’s nominations “in due course,” while continuing to seek other qualified nominees; in response, West Face says GTE’s move does not go far enough, and that "a fundamental change of course is required for Gran Tierra, not half-measures by the existing board."
Tue, Apr. 21, 3:57 PM
- Gran Tierra Energy (GTE +4.1%) spikes higher after West Face Capital discloses a 9.78% active stake in the company via a 13D filing, and says it plans to nominate six candidates to replace the company's existng four-member board.
- Toronto-based West Face says GTE should refocus on its core Colombian properties; stop further spending in high-risk, high-cost ventures in Peru and Brazil; and address its bloated cost structure.
- West Face also proposing that Gary Guidry, who has led a number of small Canadian oil and gas companies, become GTE's CEO.
Tue, Apr. 14, 5:36 PM
Fri, Mar. 13, 2:41 PM
- Gran Tierra Energy (GTE -5.8%) tumbles after announcing various initiatives to cut costs and preserve its balance sheet, particularly reducing its employee headcount, in a bid to preserve cash and prepare for future growth opportunities.
- GTE expects the layoffs to knock more than 20% off its current workforce, causing G&A costs to fall ~22% from 2014 levels, which would indicate $11.25M in expected savings, or ~$1.67/bbl equivalent produced.
- GTE estimates it will save ~$19M/year from the actions, and adds that is negotiating additional operational savings with suppliers and service providers.
Mon, Mar. 2, 2:24 PM
- Gran Tierra Energy (GTE -3.7%) is lower after posting disappointing Q4 results, which included a decision to halt further development of its Bretana heavy oil field in Peru due to the current low commodity price environment.
- Associated with the decision to no longer commit capital to Peru, GTE was required to recognize $265M of Peruvian-related asset impairments for FY 2014.
- In maintaining its Buy rating and C$4.50 price target, Canaccord says the upside to the move is that it makes available nearly all GTE's $332M in cash resources to refocus into new growth areas in the coming years.
GTE vs. ETF Alternatives
Gran Tierra Energy Inc together with its subsidiaries is an international energy company engaged in oil and gas acquisition, exploration, development and production. The Company owns oil and gas properties in Colombia, Peru and Brazil.
Other News & PR