Gulfport Energy Corp. (GPOR: 9.56 0.00 0.00%) recently hit a new 52-week high at $12.86 on a bullish next-year estimate of 100% as energy prices remain in elevated territory.
Company Description
Gulfport Energy Corp. engages in the exploration and production of oil and natural gas mostly in the Louisiana Gulf Coast with interests in various other properties in west Texas and Permian Basin. The company has a market cap of $416 million.
Third-Quarter Results
Gulfport helped its cause in early November with better than expected Q3 results that eclipsed analyst estimates. Earnings came in at 16 cents, 2 cents ahead of the Zacks Consensus Estimate. The company has beat or matched in each of the last four quarters by an average of 31 cents, or 196%.
Gulfport was able to boost its production to capitalize on resurgent energy prices, with oil and gas production up 8% from last quarter to 415,716 barrels, for which the company realized an average selling price of $56.62 per barrel of oil. Gulfport also paid off $9.2 million in debt during the quarter, with total debt now standing at $55.6 million, a 42% decrease from last year.
Next-Year Estimate Up
The current-year estimate has held steady for the last few months, but the next-year estimate has been on the move, up 16 cents to $1.00, a bullish 102% growth projection.
Valuation
In spite of recent gains, shares of GPOR still look reasonably priced, trading with a forward P/E multiple of 20X, a premium to the overall market but with the bullish next-year estimate to compensate.
The Chart
Shares of GPOR have been trending higher with the market for most of the last 10 months, recently topping off above $12 for a new 52-week high. Take a look below.
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