Mizuho Securities Starts Gulfport Energy (GPOR) at Buy
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Mizuho Securities initiates coverage on Gulfport Energy (NASDAQ: GPOR) with a Buy rating and a price target of $35.00.
Analyst Timothy Rezvan commented, "We are supportive of Gulfport's planned activity increase into '17, as it meshes with our favorable view of natural gas and confirms strong well-level returns dry gas wells generate in a $3/mcf world. GPOR shares have lagged peers YTD due to midstream-related production shortfalls, but we expect additional pipelines/compression to alleviate concerns. Recent selling pressure makes Gulfport a "show me" story into 3Q earnings, but execution toward informal, long-term guidance (25%-30% production growth in '17, another 35% in '18, assuming six rigs) should refocus attention on Gulfport's high-quality Utica Shale dry gas acreage."
Shares of Gulfport Energy closed at $27.94 yesterday.
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