UPDATE: Stifel Nicolaus Raises PT to $26 on Gulfport Energy Corporation Post Well Results
Stifel Nicolaus reiterated its Buy rating on Gulfport Energy Corporation (NASDAQ: GPOR) and increased its price target from $25 to $26.
Stifel Nicolaus said, "Yesterday after the close, GPOR reported positive operational test results for its first Utica and Permian horizontal wells and in-line CFPS. This is a name we had mentioned to own ahead of earnings for the positive Utica data points coming and the company did not disappoint. The Utica well IPd at over 4,650 boe/d (>39% liquids), well above “good” industry wells of 1,000-1,500 boe/d, and supports our view of the significant value creation potential from the Utica. Going forward, the Utica will become the main driver of production growth in 2013, which we are increasing from 31% to 34% growth."
Gulfport Energy Corporation closed at $22.46 on Tuesday.
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