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Gran Tierra Energy Inc is Now Oversold (GTE)
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Gran Tierra Energy Inc A 19.5% Better Bargain Than When Macey Bought
By Energy Stock Channel Staff, Tuesday, November 22, 3:37 PM ET
There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on May 31, Gran Tierra Energy Inc's Director, Gerald Joseph Macey, invested $141,748.15 into 20,000 shares of GTE, for a cost per share of $7.09. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Tuesday, bargain hunters could buy shares of Gran Tierra Energy Inc (AMEX:GTE) and achieve a cost basis 19.5% cheaper than Macey, with shares changing hands as low as $5.70 per share. Gran Tierra Energy Inc shares are currently trading down about 1.6% on the day. The chart below shows the one year performance of GTE shares, versus its 200 day moving average:
Looking at the chart above, GTE's low point in its 52 week range is $4.20 per share, with $9.64 as the 52 week high point — that compares with a last trade of $5.73. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
||Gerald Joseph Macey
According to the ETF Finder at ETF Channel, GTE makes up 4.88% of the Colombia ETF (AMEX:COLX) which is trading lower by about 2.6% on the day Tuesday.
See what other ETFs contain GTE »
See what other stocks are held by COLX »
GTE operates in the Oil & Gas Exploration & Production sector.
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