Gulfport Still Undervalued Despite Lower Growth Forecasts
We are reducing our fair value estimate for Gulfport Energy to $15 per share from $19 after incorporating second-quarter financial and operating results, updating our forecast price realizations, and moderating our long-term growth outlook. We now model 15 active rigs at midcycle, slightly higher than the current count of 12 but well below our previous forecast. Even so, the stock still looks undervalued after a precipitous slide during 2016-17, suggesting the market is now failing to appreciate...Gulfport Energy is an oil and natural gas exploration and production company focused on the exploration, exploitation, acquisition and production of natural gas, crude oil and natural gas liquids. The company's principal properties are located in the Utica Shale primarily in Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma. In addition, among other interests, the company holds an acreage position along the Louisiana Gulf Coast in the West Cote Blanche Bay and Hackberry fields, an acreage position in the Alberta oil sands in Canada through its interest in Grizzly Oil Sands ULC and an equity interest in Mammoth Energy Services, Inc., an oil field services company.
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