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 oil and gas producer Gulfport Energy (Nasdaq: GPOR ) rose as much as 10.8% in early trading after the company provided updates on Utica Shale projects and a status report after Hurricane Isaac.
So what: In the Utica Shale the Boy Scout 1-33H well was brought online from its resting period and tested at gross peak production of 1,560 barrels of condensate, 7.1 MMCF of natural gas, and 1,008 barrels of NGL per day.
In the Gulf of Mexico the company restored production to its wells on Sunday and reported no significant damage.
Now what: The production news from the Utica was a positive, but the news out of the gulf was not really unexpected. What this might do is have a positive impact on the company's third-quarter results and with the stock trading at 13 times forward earnings it could be getting cheap. Right now, I'd like to wait to see third-quarter numbers before jumping in, especially after a couple of disappointing quarters in a row.
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