Why Gulfport Energy's Shares Dropped, Then Recovered
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 fell as much as 11% in early trading today after the company released an operational update.
So what: During the fourth quarter, net production was 540,558 barrels of oil, 366,258 thousand cubic feet of natural gas, and 289,728 gallons of natural gas liquids. Total oil equivalents production of 608,499 was an 8% decrease from a year ago.
Now what: Gulfport will release full results on Feb. 27 but this was a peak into the company's operations. The reduction in both production and realized prices almost across the board is disappointing, and investors sold off hard this morning. I don't see a reason to buy here, with earnings expected to deteriorate in 2013, so I'll sit on the sidelines today.
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The article Why Gulfport Energy's Shares Dropped, Then Recovered originally appeared on Fool.com.Fool contributor Travis Hoium has no position in any stocks mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings, or follow his CAPS picks at TMFFlushDraw. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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