Although the energy sector has generated considerable interest from investors in recent times, the situation with the Gran Tierra Energy Inc (NYSE: GTE) stock has changed dramatically.
The Gran Tierra stock corrected sharply in recent days after having made significant gains not too long ago and in such a situation, it might be a good idea to take a closer look at the company. However, it is easy to see why the stock might have corrected sharply. The answer lies in the company’s fourth-quarter financial results which were released on February 25.
In the fourth quarter, Gran Tierra suffered a loss of as huge as $47.9 million. While it is a substantial figure, it is also necessary to point out that in the same period last year; the company had actually managed to turn a profit. Hence, the correction in the stock is understandable. The Canadian company suffered losses of 13 cents a share, which came down to 1 cent a share post adjustments.