From New York-based analyst Tim Rezvan of Sterne Agee on Gulfport Energy's latest reports on results in Ohio's Harrison County and its Utica shale:
February 7, 2013
GULFPORT ENERGY CORP. (NASDAQ: GPOR) RATING: BUY
Price Target: $52.00
Analysts: Tim Rezvan, CFA
Operations Update: Conservative Utica EUR, Persistent Utica Infrastructure Delays Could Drag on Stock Today.
Gulfport's operations update this morning contained in-line 4Q production data, but mixed news on the Utica. Shares may underperform on the headline data in the release, but we believe investors should focus on the reserve bookings figures and continued strong oil cuts from SW Harrison County as proof of the resource potential. Gulfport remains a compelling sum-of-the-parts story while it derisks its Utica position and we would be buyers on weakness.
Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification, Investment Banking, Ratings Definitions, andpotential conflicts of interest may be found by clicking on the report link below
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.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.