UPDATE: Stifel Nicolaus Upgrades Gulfport Energy Corporation to Buy on Oil Exposure
Stifel Nicolaus upgrades Gulfport Energy Corporation (NYSE: GPOR) from Hold to Buy and establishes a price target of $25.
Stifel Nicolaus notes, "GPOR is mostly an oil-weighted company (92%) so it is mostly dependent on the oil price relative to other companies. With one of the higher exposures to the Utica, a clean balance sheet, three Utica wells drilled waiting on completion/production tests, and two rigs drilling additional wells in the Utica, we believe that the upcoming Utica datapoints could move this name higher. Additionally, the clean balance sheet (0.1x LTD/EBITDA) and the fact that the company has already raised capital twice ($168mm combined) in 2011 suggests that there should be no funding taking place, especially at current levels."
GPOR closed at $18.82 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.