From Sterne Agee and analys Tim Rezvan on Gulfport Energy, a key player in Ohio's Utica shale:
April 3, 2013
GULFPORT ENERGY CORP. (NASDAQ: GPOR) RATING: BUY
Price Target: $80.00
Analysts: Tim Rezvan, CFA
Increasing '14 EBITDA Estimate and Raising PT to $80 to Reflect Increasingly Bullish 2014 Outlook
Impactful catalysts over the next 4-5 months should drive multiple expansion. Our analysis suggests shares do not reflect the likelihood of 100-acre spacing or 2 mmboe EUR wells in the Utica Shale. After analyzing Gulfport's Utica production and liquidity outlook, we increase 2014E EBITDA by 29% to $936 million and raise our PT to $80 (5x '14E EV/EBITDA). Despite the recent rally, Gulfport remains a compelling deep-value name (2.9x '14E EV/EBITDA).
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
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