Wells Fargo Starts Gulfport Energy (GPOR) at Outperform

September 4, 2013 9:16 AM EDT
Get Alerts GPOR Hot Sheet
Price: $21.70 +0.60%

Rating Summary:
    31 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Wells Fargo initiated coverage on Gulfport Energy (NASDAQ: GPOR) with an Outperform and a price target of $80.00.

Analyst Gordon Douthat said, "Gulfport’s core asset is located in the southern Utica in what we believe to be the sweet spot of the rapidly emerging play. Recent wells have highlighted that the vast resource potential of the Utica/Point Pleasant formation and economics should only get better as infrastructure comes into place and operators refine drilling and completion techniques. We believe downspacing and potential for drilling multiple formations offer additional upside potential. With more than 80% of our net asset value (NAV) attributable to the Utica, we view GPOR as a de facto Utica pure play that gives investors exposure to what is quickly becoming a world-class asset."

For an analyst ratings summary and ratings history on Gulfport Energy click here. For more ratings news on Gulfport Energy click here.

Shares of Gulfport Energy closed at $59.74 yesterday.

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