UPDATE: Credit Suisse Reinstates Coverage on Gulfport Energy Corporation with Outperform Rating, $40 PT

In a report published Friday, Credit Suisse reinstated coverage on Gulfport Energy Corporation

with an Outperform rating and $40.00 price target. Credit Suisse noted, “GPOR has almost single-handedly revived interest in the emerging Utica shale, having reported its initial horizontal result in early August 2012 with its Wagner 1-28H well that had an IP of 4.7 mboe/d assuming full ethane recovery. The Wagner well was clearly an eye-opener after the market had been unimpressed with results since CHK unveiled the play in September 2011 with its Buell 8H that IP'd at 3 mboe/d. GPOR's subsequent two wells did not disappoint either, with IP rates of 3.5 mboe/d and 4.9 mboe/d, respectively. We expect to get results from GPOR's fourth well, the Groh 1-12H (first industry result in northern Guernsey County, OH), next week ahead of the 3Q12 earnings call.” Gulfport Energy Corporation closed on Thursday at $31.56.