In a report published Tuesday, RBC Capital Markets analyst Brad Heffern downgraded Gulfport Energy Corporation 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
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