After the company came up with a key corporate update on Tuesday, the Gran Tierra Energy Inc (NYSEAMERICAN:GTE) stock suffered from a selloff and went down by as much as 5%. That being said, it ought to be noted that despite the fall on Tuesday, the Gran Tierra stock is still up by as much as 9% over the past week.
Trading Data
On Tuesday, GTE stock fell 4.49% to $1.70 with more than 6.92 million shares, compared to its average volume of 8.04 million shares. The stock moved within a range of $1.6800 – 1.7800 after opening trading at $1.78.
Gran Tierra Energy Announces Corporate Update
The company provided an update with regards to its production during the first quarter of the year. The company announced that during the first quarter the total average production for Gran Tierra stood at 29362 BOPD (barrels of oil per day).
That figure was largely similar to the production levels from the company in the fourth quarter of 2021 and that could be one of the reasons behind the selloff in the Gran Tierra stock on Tuesday. That being said, the figure was higher than the production levels in the first quarter of 2021 by as much as 20%.
The production in the first quarter of 2022 was in agreement with the projections of the company. At this point in time, it would be interesting to see if the stock can make a quite recovery or not.
Technical Data
GTE stock is trading above the 20-Day and 50-Day Moving averages of $1.61 and $1.49 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.92.
