Why Gulfport Energy Stock Flopped on Friday
Yahoo Finance ·
Natural gas company Gulfport Energy ( GPOR 5.15% ) wasn't providing much energy for its investors on Friday. Many of those folks were dissuaded by a bearish adjustment made by an analyst that morning and sold out of their stock, leaving it with a more than 5% loss that trading session. Truist Securities' Gabe Daoud cut his price target on Gulfport to $190 per share, some distance down from his previous fair value assessment of $219. That didn't change his overall view of the stock, as he maintained his hold recommendation. According to reports, Daoud's adjustment was part of a broader reevaluation of the natural gas exploration and production segment of the energy sector. His estimate for gas storage -- a crucial yardstick for pricing -- as of the end of this coming October anticipates it'll be 4% above the five-year norm. Typically, a higher volume of stored gas means lower sale prices. Daoud did wax bullish about future periods, writing that 2028 and 2029 could see notably lower storage levels (and, therefore, higher prices for companies like Gulfport).
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