UPDATE: Canaccord Genuity Initiates Gulfport Energy with Buy on Substantial Upside

In a report published Wednesday, Canaccord Genuity analyst Ipsit Mohanty initiated coverage on Gulfport Energy Corporation GPOR with a Buy rating and $59.00 price target. In the report, Mohanty noted, “In one year, Gulfport Energy Corp (GPOR) and the Utica have become synonymous. In Utica, GPOR has drilled some of the best wells, expanded acreage, developed infrastructure, allocated >80% of capex and guided to triple-digit production growth. Although the above have not gone unnoticed by the market, we believe GPOR has substantial upside. Operating in what we believe is the most productive formation of the Utica, GPOR is also ensuring that takeaway capacity marches along with drilling. We initiate GPOR with a BUY and $59 price target. Our price target sees 25% upside over 12 months, with a ‘bull case' of $67.” Gulfport Energy Corporation closed on Wednesday at $50.13.