Australia-based research firm Macquarie Equities Research reaffirmed its OUTPERFORM rating for Gran Tierra (GTE:TSX) and left its target price of $9.50 per share unchanged. The stock closed at $5.28 on August 9 and Macquarie attributed this sharp reduction to the pullback that energy stocks have experienced over the last two weeks.

GTE announced its Q2 results on Tuesday August 9. The company averaged 18,141 barrels of oil equivalent (boe) per day, which was directly in line with GTE's estimates of 18,089 boe per day. After discovering the Moqueta well, the company is well positioned to ramp up production in 2012 and 2013, according to Macquarie.

Q2 diluted cash flow per share was 31 cents, which was approximately 9 percent lower than Maquarie's estimate of 34 cents. This difference was largely attributed to general and administrative costs that were above expectations. The company also experienced a foreign exchange loss of $2.8 million.

The company also benefits from a cash reserve of $211 million. In the last 52 weeks, Gran Tierra has had a low of $5.00 and a high of $9.39.