KLR Group Upgrades Gulfport Energy (GPOR) to Buy
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KLR Group upgraded Gulfport Energy (NASDAQ: GPOR) from Accumulate to Buy with a price target of $37.00 (from $39.00).
Analyst John Gerdes commented, "We are upgrading GPOR from Accumulate to Buy though our target price is decreasing $2 to $37 per share given slightly higher capital intensity. GPOR has depreciated almost 20% since our June downgrade, underperforming the sector by a comparable percentage, and now reflects sufficient equity value upside to merit an upgrade to Buy.
Our ’16 production expectation of ~695 Mmcfepd is at the low end of company guidance (695-730 Mmcfepd). Our ’17 production growth expectation of ~22% approximates the midpoint of preliminary guidance (20%-25%)."
Shares of Gulfport Energy closed at $26.81 yesterday.
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