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 (OTC:GPOR) jumped 16% today on new well results.
So what: The Shugert 1-12H well in the Utica Shale tested at 28.5 million cubic feet of natural gas per day, 300 barrels of condensate, and 2,907 barrels of natural gas liquids. The company's joint venture MarkWest Harrison gas processing complex is also online.
Now what: Investors were pleased with the production test results today, and this should add to the company's continued growth. Shares now trade at 24.5 times trailing earnings, but on a forward basis, the stock trades at only 19.6 times next year's earnings, and after a few disappointing quarters, the hope is that the company could exceed those results. I'd like to see some actual results before buying in, but it's an incremental positive today.
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