GTE - Gran Tierra Energy to buy back up to 36M shares

Gran Tierra Energy ( NYSE: GTE ) said on Monday it plans to buy back as many as 36M common shares , representing 10% of the public float, through the Toronto Stock Exchange in the one-year period ending August 31, 2023.

The company said it believes the shares have been trading in a price range which does not adequately reflect their value in relation to current operations, growth prospects and financial position.

Gran Tierra ( GTE ) +3.6% post-market after closing +8.6% on the NYSE during Monday's trading in a strong day for oil and gas stocks .

Gran Tierra Energy ( GTE ) offers "100% upside potential on low valuation, rising oil prices, production growth," Sunrise Analysis writes in a bullish report posted on Seeking Alpha .

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