Dallas, Texas 10/30/2013 (Financialstrend) – Gulfport Energy Corporation (NASDAQ:GPOR) is a $4.76 billion market capitalized independent oil and gas producer. On October 16, the company reported average results from its 3Q operations. This led to a deluge and the stock value slid by close to 5% during trading on that day. The highlights from the 3Q earnings call was 12,976 barrels of oil equivalent being produced per day on a average. This was well above the guidance of 12,750 barrels per day on the higher side that the oil producer had given at the end of its 2Q results announcement. The oil and gas production firm also managed to increase its acreage holding in Utica region. It added to its existing lease an additional 9000 gross acres. With this new addition, GPOR will own a total of 154,000 acres of potential land to explore for oil. Over the next 3 months the company expects to increase its output to manage production of close to 27,000 to 32,000 barrels of oil equivalent per day by end of this year.
In spite of the growth shown in its operations, the stock was ditched by the market. During trading last week, the stock shed close to 3.32% of its market value which was in line with its loss during trading in the past 30 days. It had lost 4.5% in value during that period. As of close of business on October 29, the stock had appreciated by a slight 0.18% over its previous close. It was trading at $61.43 per share at trading close time yesterday. At these valuations the stock price was more than 102% up from its 52 week high valuations and 12% below its 52 week low pricing. The analyst have peged the price target for the stock at $77.8 per share over the next few quarters