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Dec. 31, 2015, 1:52 PM
- The volatility continues: After getting drubbed yesterday following the release of EIA inventory data, a slew of North American oil/gas industry firms are up strongly today as Nymex natural gas futures rise 6.1% to $2.35/MMBtu. The EIA reported today a weekly U.S. natural gas inventory change of -58 Bcf (close to expectations) to 3,756 Bcf.
- Oil is also higher: WTI crude is up 2.5% to $37.53/barrel, and Brent crude up 3.7% to $37.80/barrel. The S&P is down 0.3%.
- Also: Cheniere Energy (LNG +3.4%) has begun production at its Sabine Pass terminal, which will be the first to export shale gas from the U.S. Partner ING Capital states Cheniere is currently receiving, chilling, and storing 50M cubic feet of gas per day at the facility.
- Major gainers include Southwestern Energy (SWN +9.6%), Williams (WMB +5.6%), Encana (ECA +4.5%), Gulfport Energy (GPOR +5.3%), Whiting Petroleum (WLL +8.2%), Rice Energy (RICE +5.6%), SandRidge Permian Trust (PER +8.9%), Oasis Petroleum (OAS +5.9%), BP Prudhoe Bay Royalty Trust (BPT +7.3%), and Baytex Energy (BTE +9.3%). ONEOK is up over 7% after catching an upgrade from Credit Suisse.
Dec. 30, 2015, 12:46 PM
- Hit hard two days ago as oil fell below $37/barrel, oil/gas industry names are seeing more pain today after the EIA reported U.S. crude inventories rose by 2.6M barrels last week - expectations were for a decline. The report comes shortly after the API estimated U.S. crude inventories rose by 2.9M barrels during the most recent weekly period.
- After rising yesterday, WTI crude is down 3.1% to $36.71/barrel. Brent crude is down 2.9% to $36.69/barrel. Nymex natural gas is down 7.3% to $2.20/MMBtu.
- The biggest decliners include Chesapeake Energy (CHK -4.1%), Petrobras (PBR -4.1%), Linn Energy (LINE -7.5%), Gulfport Energy (GPOR -5.2%), SeaDrill (SDRL -5.5%), MV Oil Trust (MVO -4.5%), EV Energy Partners (EVEP -6.7%), and Southwestern Energy (SWN -5.7%).
- Other notable decliners include Hercules Offshore (HERO -5.2%), Marathon Oil (MRO -4%), Devon Energy (DVN -4.4%), Encana (ECA -4.1%), Range Resources (RRC -4.7%), Sandridge Mississippian Trust (SDR -4%), Newfield Exploration (NFX -3.8%), BP Prudhoe Bay Royalty Trust (BPT -3.1%), Enerplus (ERF -3.9%), and ONEOK Partners (OKS -2.5%).
- ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
Dec. 22, 2015, 2:38 PM
- "Quality" oil stocks will perform well during H1 2016 but it will be time to buy “beta” names in H2 as global oil market conditions fundamentally improve over the course of the year, RBC analysts say, adding that a sustainable oil price recovery appears more on the cards in 2017.
- RBC thinks stocks with lower leverage, good asset quality and cheap valuation are likely to perform best and earlier, citing 12 names: Apache (APA +1.1%), Devon Energy (DVN +3.4%), Continental Resources (CLR +8.3%), ConocoPhillips (COP +2.9%), Carrizo Oil & Gas (CRZO +1.9%), EP Energy (EPE +14.6%), Gulfport Energy (GPOR -0.9%), Newfield Exploration (NFX +0.5%), Oasis Petroleum (OAS +6.3%), Rice Energy (RICE -0.6%), SM Energy (SM -0.1%) and Whiting Petroleum (WLL +6.9%).
Dec. 9, 2015, 10:47 AM
- EQT Corp. (EQT +1.4%) and Gulfport Energy (GPOR +3.9%) are J.P. Morgan's top picks among E&P companies focused on the Marcellus and Utica shales, which the firm says are structurally advantaged, given the low-end of the U.S. natural gas cost curve and vast inventories of ready-to-drill locations.
- The firm says EQT's cash cost structure of $1.11/Mcfe and total cost structure of $2.35/Mcfe are well below the average of Marcellus/Utica peers, a key competitive advantage within a natural gas environment that could remain "challenged for many years."
- GPOR's positioning within the Utica Shale includes 160K net acres in the core of the dry gas window, which JPM provides the company with a "remarkable growth opportunity" over the next 10-plus years.
- JPM initiates Cabot Oil & Gas (COG +2.5%), Eclipse Resources (ECR +7.3%), Range Resources (RRC +4%), Rice Energy (RICE +6.3%) and Southwestern Energy (SWN +3.4%) with Neutral ratings, and starts Antero Resources (AR +2.6%) at Underweight.
Nov. 4, 2015, 4:20 PM
- Gulfport Energy (NASDAQ:GPOR): Q3 EPS of -$0.08 beats by $0.10.
- Revenue of $230.6M (+35.0% Y/Y) beats by $67.12M.
Nov. 3, 2015, 5:35 PM
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Oct. 21, 2015, 2:08 PM
- Gulfport Energy (GPOR -3.1%) is initiated with a Buy rating and a $48 price target at Canaccord, which calls GPOR “the most levered company to the core of the Utica Shale in eastern Ohio, with ~243K net acres.”
- GPOR’s high-quality asset base should drive production to more than double in 2015 on top of a 255% increase in 2014. the firm says, also noting that legacy assets in south Louisiana offer reliable premium-priced crude production; the firm also likes GPOR's robust balance sheet “with an undrawn borrowing base helps underpin the growth outlook.”
- Despite GPOR's growth profile and strong financial position, the shares trade at a discount to its Appalachian peers on estimated 2016E enterprise value/EBITDA (8x vs. 9.8x), which Canaccord says is unwarranted.
Oct. 8, 2015, 2:47 PM
- Gulfport Energy (GPOR +2.7%) and Rice Energy (RICE -0.6%) announce plans to form a midstream joint venture to develop natural gas gathering and water services assets to support dry gas development in the Utica Shale in Ohio.
- Plans call for a gathering system of 165 miles of high- and low-pressure pipelines with multiple interconnections to interstate pipelines, with first deliveries were scheduled for mid-2016.
- GPOR will own 25% of the JV, with RICE owning the rest and being responsible for constructing and operating the assets.
Sep. 1, 2015, 5:18 PM
- SunTrust’s energy team suggests four E&P stocks it believes “can thrive at $55 and easily survive at $35" oil: Carrizo Oil & Gas (NASDAQ:CRZO), Concho Resources (NYSE:CXO), Gulfport Energy (NASDAQ:GPOR) and PDC Energy (NASDAQ:PDCE).
- The firm believes the four companies can grow production 200%-plus next year if oil surpasses $50/bbl but more importantly can spend relatively within cash flow while doing so, with the option of dramatically cutting spending and activity if oil falls toward $35, yet their cash flow coverage actually could increase slightly.
- SunTrust says the companies are best positioned to take advantage of either type of oil environment, and rates each of them a Buy.
Aug. 25, 2015, 12:18 PM
- Occidental Petroleum (OXY +3.7%), Diamondback Energy (FANG +1.2%), Gulfport Energy (GPOR +3.3%) and Rice Energy (RICE +1.3%) are recommended by Sterne Agee CRT analyst Tim Rezvan as "high conviction long ideas" in the energy sector for investors wary of the group amid structural issues facing global oil markets that appear unlikely to abate this year.
- OXY shares are "an attractive port amid the current oil volatility storm," Rezvan writes, believing the sustainable 4.6% yield - vs. other less stable, higher yielding energy equities - should provide a floor for the shares near the current level.
- FANG is seen as an underlevered pure-play in a premier oil shale basin with no legacy assets to weigh on operating expenses, which the firm says maintains the lowest full-cycle costs in its coverage group.
Aug. 5, 2015, 4:05 PM
- Gulfport Energy (NASDAQ:GPOR): Q2 EPS of $0.00 beats by $0.17.
- Revenue of $112.27M (-2.2% Y/Y) misses by $31.28M.
Jul. 28, 2015, 6:43 PM
- The days of oil companies getting “free passes” is over and investors should stick with “durable names” such as Gulfport Energy (NASDAQ:GPOR), Memorial Resource Development (NASDAQ:MRD) and RSP Permian (NYSE:RSPP), Wunderlich analysts say.
- The firm believes many E&P companies were given a reprieve this spring with a generous equity market and a fairly benign credit redetermination period, but it expects H2 "to look very different with no more free passes on the equity front... The fall bank redeterminations could be particularly challenging, especially in light of increased regulatory scrutiny. We would not be surprised to see many credit lines reduced significantly and those with ample funds drawn in a tough spot."
- Continue to "bank on the stronger names, as there will be more pain to come for the weaker names,” the firm says; aside from GPOR, RSPP and MRD, its Buy-rated names include PDC Energy (NASDAQ:PDCE) and Synergy Resources (NYSEMKT:SYRG).
Jul. 27, 2015, 3:58 PM
- Gulfport Energy (GPOR -5.4%) sinks to a 52-week low despite reporting Q2 net production of 473.9MM cfe/day, beating its previously estimated guidance of 445MM-455MM cfe/day.
- GPOR says its Q2 Utica Shale production totaled 457.6MM cfe/day, or 97% of aggregate net production vs. 93% and 79% during Q1 and in Q2 2014, respectively.
- GPOR says it spud nine gross (6.7 net) wells and turned-to-sales 19 gross (14.5 net) wells during the quarter, all located within the dry gas phase window of the play; as of June 30, the company had ~137 gross (103.8 net) wells producing in the Utica Shale.
Jul. 20, 2015, 2:29 PM
- Whiting Petroleum (WLL -4.1%) is upgraded to Positive from Neutral with a $33 price target at Susquehanna, saying it now believes the valuations of many E&P stocks are finally starting to look more reasonable.
- Drivers from WLL include the company’s reserve growth potential via its positions in the Bakken and Niobara, and improvement in capital efficiency due to its focus on enhanced completions, Susquehanna says.
- The firm names Newfield Exploration (NFX -1.2%), Continental Resources (CLR -2.6%) and Devon Energy (DVN -2.3%) as its preferred oil names and Gulfport Energy (GPOR -3.7%) as its favorite gas play.
- Last week's news of sales of two WLL non-core conventional properties for $185M piques the interest of Capital One Securities, which says WLL's Belfield and Robinson Lake gas plants could be next on the chopping block and could take 2015 asset sale proceeds to the top end of WLL's guided range of $500M-$1B for the year.
Jun. 16, 2015, 5:45 PM
- The strained finances at U.S. E&P shale companies caused by collapsing crude oil prices is well known, and some analysts say the pain may be compounded by a steep drop in prices for natural gas liquids caused by oversupply, partly due to infrastructure constraints.
- SM Energy (NYSE:SM) said yesterday the price it is receiving for NGLs at the Mont Belvieu delivery point fell 36% Q/Q to $16.67/bbl and that the price declines would lower its 2015 total budgeted revenue by ~$25M while not affecting its drilling or production.
- Barclays recently said Chesapeake Energy (NYSE:CHK) could see 2016 cash flow cut by up to 3% if NGL price weakness persists, while Range Resources (NYSE:RRC) may see its cash flow cut by up to 5%; APC, DVN, PXD, QEP, SWN, ECA and EOG also could see reduced cash flow related to NGL pricing, the firm said.
- Analysts at Tudor Pickering have a more optimistic view and expect an NGL pricing recovery next year, as cresting U.S. nat gas and crude production looks to be flat-to-declining through 2016, giving U.S. infrastructure time to catch up; the firm upgrades SWN to Accumulate from Hold, with GPOR, MRD, COG, RICE and ECA as other top picks, and UPL and EQT recommended on weakness.
- ETFs: UNG, UGAZ, DGAZ, BOIL, GAZ, KOLD, UNL, DCNG
Jun. 11, 2015, 2:58 PM
- Gulfport Energy (GPOR +0.7%) recovers some of yesterday's 2% loss that followed its ~$406M purchase of Utica Shale acreage and assets and concurrent 10M-share public offering.
- Morgan Stanley analyst Drew Venker says the deal strengthens GPOR's existing position in the area, and the $9,500/undeveloped net acre transaction price compares favorably to an average price of $14K/acre for recent acquisitions in the Dry Gas window.
- The firm also says GPOR's intention to add one rig to operate on the acquired acreage beginning in Q1 2016 increases its 2016 production growth estimate to 50% Y/Y from 37% previously.
Gulfport Energy Corp is an independent oil and natural gas exploration and production company focused on the exploration, exploitation, acquisition and production of crude oil, natural gas liquids and natural gas in the United States.
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