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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