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UPDATE: RBC Capital Markets Downgrades Gulfport Energy

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In a report published Tuesday, RBC Capital Markets analyst Brad Heffern downgraded Gulfport Energy (NASDAQ: GPOR) from Outperform to Sector Perform, dropping its price target from $64.00 to $61.00.

According to the report, GPOR announced a YE13 production exit rate of 27,780 Boepd, towards the low end of guidance of 27,000-32,000 Boepd. 4Q13 production was 18% below GPOR's revised guidance. 1Q14 production guidance was 33% below expectations.

“GPOR indicated that 4Q13 production was 1.5 million Boe (~16,300 Boepd), around 18% below GPOR's guidance and 13% below our expectations,” the report said. “This reduces our 4Q13 CFPS by 11% to $0.72. GPOR announced that its YE13 exit rate was 27,780 Boepd, towards the low end of guidance of 27,000-32,000 Boepd. We would note that guidance was previously revised down from 38,000-42,000 Boepd in October 2013.”

Following updated guidance, estimates on 2014/2015 production are being reduced by 15 percent/2 percent.

GPOR closed Monday at $56.07 with shares trading down at 5.30 percent

Latest Ratings for GPOR

DateFirmActionFromTo
Aug 2020Morgan StanleyMaintainsUnderweight
Aug 2020Piper SandlerMaintainsUnderweight
May 2020Imperial CapitalMaintainsOutperform

View More Analyst Ratings for GPOR
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Posted-In: Brad Heffern RBC Capital MarketsAnalyst Color Downgrades Analyst Ratings

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