Gulfport Energy Corporation (NASDAQ:GPOR) Shares Up 5.4% on Strong Earnings

Gulfport Energy Corporation (NASDAQ:GPOR) rose 5.4% during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $11.82 and last traded at $11.59, with a volume of 6,969,230 shares changing hands. The stock had previously closed at $11.00.

The oil and gas producer reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.08. Gulfport Energy Corporation had a negative net margin of 15.02% and a positive return on equity of 7.42%. The business had revenue of $323.90 million for the quarter, compared to analysts’ expectations of $279.59 million. During the same period last year, the business earned $0.24 earnings per share. The business’s quarterly revenue was up 1052.7% on a year-over-year basis.

GPOR has been the topic of a number of recent research reports. Royal Bank Of Canada reiterated a “buy” rating and set a $29.00 price target on shares of Gulfport Energy Corporation in a research report on Friday, April 21st. KLR Group reiterated a “buy” rating and set a $22.00 price target (down from $23.00) on shares of Gulfport Energy Corporation in a research report on Wednesday, May 17th. Jefferies Group LLC reiterated a “buy” rating and set a $20.00 price target on shares of Gulfport Energy Corporation in a research report on Wednesday, May 17th. Scotiabank set a $29.00 price target on shares of Gulfport Energy Corporation and gave the company a “buy” rating in a research report on Monday, May 8th. Finally, Williams Capital restated a “buy” rating and issued a $27.00 target price on shares of Gulfport Energy Corporation in a report on Tuesday, May 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. Gulfport Energy Corporation has a consensus rating of “Buy” and a consensus target price of $25.77.

A number of institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Gulfport Energy Corporation by 54.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,044 shares of the oil and gas producer’s stock valued at $104,000 after buying an additional 2,143 shares in the last quarter. Elkfork Partners LLC raised its position in shares of Gulfport Energy Corporation by 38.4% in the first quarter. Elkfork Partners LLC now owns 6,666 shares of the oil and gas producer’s stock valued at $115,000 after buying an additional 1,848 shares in the last quarter. Meadow Creek Investment Management LLC raised its position in shares of Gulfport Energy Corporation by 38.4% in the first quarter. Meadow Creek Investment Management LLC now owns 8,484 shares of the oil and gas producer’s stock valued at $146,000 after buying an additional 2,352 shares in the last quarter. Riverhead Capital Management LLC raised its position in shares of Gulfport Energy Corporation by 76.9% in the second quarter. Riverhead Capital Management LLC now owns 9,553 shares of the oil and gas producer’s stock valued at $141,000 after buying an additional 4,153 shares in the last quarter. Finally, World Asset Management Inc purchased a new position in shares of Gulfport Energy Corporation during the second quarter valued at approximately $150,000. 88.20% of the stock is owned by institutional investors and hedge funds.

The company’s market capitalization is $2.23 billion. The firm’s 50-day moving average is $12.97 and its 200 day moving average is $15.62.

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Gulfport Energy Corporation Company Profile

Gulfport Energy Corporation is an oil and natural gas exploration and production company. The Company focuses on the exploitation and acquisition of natural gas, natural gas liquids and crude oil in the United States. The Company’s properties are located in the Utica Shale in Eastern Ohio and along the Louisiana Gulf Coast in the West Cote Blanche Bay (WCBB) and Hackberry fields.

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