Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Gulfport Energy (Nasdaq: GPOR ) rose 16% today after the company released earnings.
So what: The company had net income of $25.1 million, or $0.45 per share, in the second quarter, which was $0.06 below estimates. But revenue grew 19% to $66.3 million, which was ahead of estimates of $63.2 million.
Now what: The earnings miss wasn't good, but investors are looking past that to increasing revenue during the quarter and full year. Management expects full-year production to increase 24%-33% and with the price of oil over $90 per barrel that should lead to strong profits. I'm not buying the bump today because earnings haven't improved, but I like the increase in production and think shares can continue to move higher if oil goes to $100 per barrel.
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