What: Shares of oil and gas producer Gulfport Energy (NAS: 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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The article Why Gulfport Energy's Shares Popped originally appeared on Fool.com.
Fool contributorTravis Hoiumdoes not have a position in any company mentioned. You can follow Travis on Twitter at@FlushDrawFool, check out hispersonal stock holdingsor follow his CAPS picks atTMFFlushDraw.Motley Fool newsletter serviceshave recommended buying shares of Gulfport Energy. The Motley Fool has adisclosure policy. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. Try any of our Foolish newsletter servicesfree for 30 days.