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 exploration company Gulfport Energy
So what: Volume isn't high and the company didn't release any news, but there are a few things that could be driving shares today. Oil is up, the stock has been on a big downslide so shorts could be covering, and options expiration is two days away. Mix those together and you have the stock jumping today.
Now what: All this move tells me is that the stock may have hit bottom. Since the sell-off began in early May, shares have dropped more than 20% even after today's move, so it's about time that buyers start coming to the market. I like Gulfport's position in the oil sands and its forward P/E ratio is less than 11, so I think this could be reason to get back into the stock.
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