5 Hot Penny Stocks On the Rise

4. Gran Tierra Energy Inc. (NYSE:GTE)

Number of Hedge Fund Holders: 15

Share Price as of January 19: $0.9177

Gran Tierra Energy Inc. (NYSE:GTE) is a Canadian firm that engages in the exploration and production of oil and gas properties in Colombia and Ecuador. Gran Tierra Energy Inc. (NYSE:GTE) is one of the hottest penny stocks to consider. On January 10, the company said it sees Q4 2022 total company average production of nearly 32,600 BOPD, an increase of 10% from Q4 2021. Gran Tierra Energy Inc. (NYSE:GTE)’s total average production for the full year 2022 was approximately 30,800 BOPD, which is within the company’s prescribed guidance. The company also bought back 23 million units of common stock during 2022. 

On November 2, Canaccord analyst Roman Rossi raised the firm’s price target on Gran Tierra Energy Inc. (NYSE:GTE) to C$3 from C$2.80 and maintained a Buy rating on the shares.

According to Insider Monkey’s Q3 data, Gran Tierra Energy Inc. (NYSE:GTE) was part of 15 hedge fund portfolios, compared to 11 in the prior quarter. Thomas E. Claugus’ GMT Capital is the largest position holder in the company, with more than 20 million shares worth $24.7 million. 

Follow Gran Tierra Energy Inc. (NYSEMKT:GTE)