Tue, Aug. 25, 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.
Mon, Jul. 27, 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.
Mon, Jul. 20, 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.
Tue, Jun. 9, 6:53 PM
- Gulfport Energy (NASDAQ:GPOR) -4.8% AH after agreeing to buy more than 35K acres from Aubrey McClendon-backed American Energy-Utica in the Utica Shale play in Ohio for ~$406M.
- The acreage in eastern Ohio's Belmont, Monroe and Jefferson counties is considered some of the best counties for natural gas production in the state.
- Once the deals go through, GPOR will hold 243K acres under lease in the heart of the shale play.
- To fund the deal, GPOR is launching a public offering of 10M common shares, with an underwriters option to purchase up to an additional 1.5M shares.
Wed, Apr. 15, 4:47 PM
- Gulfport Energy (NASDAQ:GPOR) -2.6% AH on news it agrees to acquire Macquarie subsidiary Paloma Partners III for $300M; Paloma holds ~24K net non-producing acres in the core of the dry gas window of the Utica Shale in Ohio.
- To help pay for the deal, GPOR announces a public offering of 7.5M common shares, with an underwriters option to purchase up to additional 1.125M shares, and proposes to offer $300M of senior notes due 2023.
- Also, GPOR says it produced oil and natural gas sales volumes of 424MM cfe/day during Q1, beating its previous guidance of 378MM-390MM cfe/day; for Q1, GPOR's production mix was 68% natural gas and 32% oil and natural gas liquids.
Wed, Feb. 25, 5:37 PM
Nov. 11, 2014, 4:53 PM
- Diamondback Energy (NASDAQ:FANG) -3.1% AH as it launches a public offering of 2M common shares by certain selling stockholders, with an underwriters option to purchase up to an additional 300K shares.
- Entities controlled by Wexford Capital intend to sell 1.058M shares and Gulfport Energy (NASDAQ:GPOR) plans to sell 942k shares.
- All net proceeds will go to the selling stockholders.
Oct. 16, 2014, 3:36 PM
- Southwestern Energy (SWN -10.6%) appears to be paying a steep price to buy $5.375B in high quality Appalachia assets from Chesapeake Energy (CHK +16.7%); SunTrust estimates SWN paid $9,625/acre for the land, when previous deals in West Virginia had come in below $5K/acre and the sharp decline in commodity prices over recent months.
- Stock investors clearly think CHK got a great deal, which is boosting shares of other West Virginia players such as Magnum Hunter (MHR +9.9%), Gulfport Energy (GPOR +6.7%) and Consol Energy (CNX +2.5%).
- Topeka Capital believes MHR has superior assets in the core Utica and Marcellus, and an average of the transaction metrics on MHR's production and acreage implies upside of 39.2%; with its scale in the area, the firm thinks MHR makes for an attractive takeout over the next 12 months.
Oct. 15, 2014, 10:43 AM
- Gulfport Energy (GPOR +1.6%) reports total Q3 production of nearly 3.9M boe, or 42,332 boe/day, exceeding its previously estimated guidance of 40K boe/day; the mix was 71% natural gas and 29% oil and natural gas liquids.
- GPOR says production has averaged ~53.4K boe/day so far in October.
- Wunderlich sets an $80 price target for GPOR shares, as the Q3 production beat and even big October ramp provides confidence in the company's strong outlook (Briefing.com).
Sep. 17, 2014, 4:29 PM
- Diamondback Energy (NASDAQ:FANG) -2.8% AH on news it is launching a secondary offering of 2.5M common shares by certain entities controlled by Wexford Capital and Gulfport Energy (NASDAQ:GPOR), with an underwriters' option to purchase up to an additional 375K shares.
- All of the net proceeds will go to the selling stockholders.
Aug. 11, 2014, 10:45 AM
- Gulfport Energy (GPOR +2.7%) is upgraded to Buy from Hold with a $70 price target at Stifel Nicolaus, which believes the valuation is attractive and that the key risks and concerns cited in its May downgrade (production growth, well type curves) have mostly dissipated with Q2 earnings results.
- Well performance had been below type curves, Q2 production was being guided for no sequential growth, and FY 2014 guidance was being reduced; since then, Q/Q growth has resumed, new well type curves are performing better than previous wells, and valuation is much more attractive with the correction in the stock since May.
May 8, 2014, 10:32 AM
- Gulfport Energy (GPOR -19.2%) plunges in early trading after reporting weaker Q1 earnings and cutting its production outlook for the year.
- GPOR now estimates 2014 output of 37K-42K boe/day, down from its prior view of 50K-60K, and lowered its anticipated E&P spending to $715M-$767M while increasing anticipated spending on leasehold acquisitions in the Utica shale to $375M-$425M vs. an earlier estimate of $225M-$275M.
- GPOR is downgraded by at least four sellside firms; Stifel cuts shares to Hold from Buy and lowers its price target to $70 from $81, seeing GPOR's EV/EBITDA multiple as fairly valued under the reduced 2014 guidance even after lower share prices, and there is risk on 2015 outlooks given the new 2014 guidance and changed development plans.
- In lowering its rating to Neutral from Buy, Global Hunter says it sees Q1 as the start of a negative revision cycle, and is moving to the sidelines.
May 8, 2014, 9:16 AM
May 7, 2014, 5:45 PM
May 7, 2014, 5:37 PM
- Gulfport Energy (GPOR) -16.5% AH after Q1 earnings and revenues fall short of expectations and guiding FY 2014 production to 37K-42K boe/day from its previous forecast of 50K-60K.
- GPOR says it will adopt a "more measured, methodical approach" to its Utica development program to help maximize well life and recovery; now expects Y/Y production volume growth of 228%-272%, which the company says continues to be an industry leading metric vs. peers.
- Q1 production totaled 27,087 boe/day vs. 6,395 boe/day in the year-ago quarter.
Apr. 9, 2014, 9:57 AM
- In an operations update, Gulfport Energy (GPOR +3.2%) estimates Q1 production averaged ~28K boe/day, which includes ~900 boe/day attributable to its acquisition of Rhino Resources Partners interests in the Utica Shale; production mix was 48% oil and natural gas liquids and 52% natural gas.
- Grizzly Oil Sands, in which GPOR owns a 24.9% interest, achieved first bitumen production at its first SAGD facility at Algar Lake during Q1; Grizzly now has seven of the 10 well pairs on full steam circulation and expects to have all 10 on full circulation in the coming month.
GPOR vs. ETF Alternatives
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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