UPDATE: Global Hunter Initiates Gulfport Energy at Neutral, $38 PT

Global Hunter Securities has published a research report on Gulfport Energy GPOR and has initiated coverage with a Neutral rating and $38 price target. In the report, Global Hunter writes, "Gulfport Energy shares have been on a tear, with a big move from about $21 per share to almost $36 over the past month. The catalyst for this can be largely attributed to its Utica Shale position. However, digging deeper into the company shows much more. It is fairly balanced between oil and gas, as well as long-life and short-life reserves. The company also has a very strong balance sheet. GPOR's Gulf Coast assets provide a high rate of return and cash flow that can be reinvested in resource opportunities in the Permian and the Utica. Longer term, the company has projects in the Canadian tar sands." Gulfport Energy closed yesterday at $35.60.