Gulfport Energy (NASDAQ:GPOR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday, Zacks.com reports. The firm presently has a $3.25 price objective on the oil and gas producer’s stock. Zacks Investment Research‘s target price points to a potential upside of 7.97% from the stock’s current price.
According to Zacks, “Gulfport Energy's core operations are focused in the Utica Shale of Ohio and the SCOOP play in Oklahoma, providing this E&P with a rich drilling inventory. The company’s improving execution and well performance has led to production growth while the acquisition of ‘oily’ SCOOP assets in 2017 has enabled Gulfport to produce more liquids and diversify its sales. The company's decent financials and investor friendly moves also bode well. However, being a natural gas-weighted company, Gulfport continues to reel under the effects of the commodity's price struggles. Increasing costs are limiting the profit levels of the firm. Further, takeaway constraints in Appalachia along with the firm’s non-core holdings in certain regions are leading to lost revenues. As such, Gulfport warrants a cautious stance. “
A number of other brokerages also recently commented on GPOR. Piper Jaffray Companies set a $7.00 price objective on Gulfport Energy and gave the company a “buy” rating in a research report on Friday, August 16th. Williams Capital lowered Gulfport Energy from a “buy” rating to a “hold” rating in a research report on Monday, August 19th. BidaskClub raised Gulfport Energy from a “strong sell” rating to a “sell” rating in a report on Friday, September 6th. Jefferies Financial Group cut shares of Gulfport Energy from a “buy” rating to a “hold” rating and decreased their target price for the stock from $11.00 to $5.00 in a report on Monday, July 15th. Finally, Credit Suisse Group downgraded shares of Gulfport Energy from a “neutral” rating to an “underperform” rating in a research report on Tuesday, July 9th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. Gulfport Energy has a consensus rating of “Hold” and an average price target of $9.64.
Gulfport Energy (NASDAQ:GPOR) last released its earnings results on Thursday, August 1st. The oil and gas producer reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The business had revenue of $459.00 million for the quarter, compared to the consensus estimate of $312.43 million. Gulfport Energy had a net margin of 33.82% and a return on equity of 7.34%. The business’s revenue for the quarter was up 81.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 EPS. As a group, equities research analysts forecast that Gulfport Energy will post 1.07 EPS for the current fiscal year.
In other news, CEO David M. Wood purchased 40,000 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was bought at an average cost of $2.44 per share, for a total transaction of $97,600.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,005,449 shares of the company’s stock, valued at $2,453,295.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Quentin R. Hicks purchased 15,000 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were purchased at an average price of $2.38 per share, with a total value of $35,700.00. Following the completion of the acquisition, the chief financial officer now directly owns 15,000 shares of the company’s stock, valued at $35,700. The disclosure for this purchase can be found here. Company insiders own 0.45% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of GPOR. Ironwood Investment Management LLC increased its position in Gulfport Energy by 12.7% in the 1st quarter. Ironwood Investment Management LLC now owns 19,032 shares of the oil and gas producer’s stock worth $153,000 after buying an additional 2,151 shares during the period. Swiss National Bank lifted its holdings in shares of Gulfport Energy by 1.3% during the second quarter. Swiss National Bank now owns 288,058 shares of the oil and gas producer’s stock worth $1,414,000 after buying an additional 3,800 shares during the last quarter. Comerica Bank lifted its holdings in shares of Gulfport Energy by 2.6% during the second quarter. Comerica Bank now owns 269,824 shares of the oil and gas producer’s stock worth $996,000 after buying an additional 6,732 shares during the last quarter. Coastal Capital Group Inc. bought a new stake in shares of Gulfport Energy in the second quarter valued at approximately $34,000. Finally, AMP Capital Investors Ltd boosted its position in shares of Gulfport Energy by 41.1% in the second quarter. AMP Capital Investors Ltd now owns 24,700 shares of the oil and gas producer’s stock valued at $120,000 after acquiring an additional 7,200 shares during the period. 97.52% of the stock is owned by institutional investors and hedge funds.
Gulfport Energy Company Profile
Gulfport Energy Corporation engages in the acquisition, exploration, exploitation, and production of natural gas, crude oil, and natural gas liquids (NGLs) in North America. Its principal properties include Utica Shale covering an area of approximately 241,000 gross acres primarily in Eastern Ohio; and SCOOP that comprise leasehold interests in approximately 66,000 gross surface acres located in Oklahoma.
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