Silver Point Capital L.P., a significant shareholder in Gulfport Energy (OTC:GPORQ) Corp (NASDAQ:GPOR), has reported a sale of 125,000 shares of the company's common stock. The shares were sold at an average price of $177 per share, amounting to a total transaction value of approximately $22.1 million. Following this transaction, Silver Point Capital holds 3,639,972 shares of Gulfport Energy. The sale comes as GPOR trades near its 52-week high of $183.59, with the stock showing remarkable strength with a 33% return over the past year. According to InvestingPro analysis, technical indicators suggest the stock is currently in overbought territory.
The sale was disclosed in a recent SEC filing, where it was noted that Silver Point Capital, along with its general partner Silver Point Capital Management, LLC, and members Edward A. Mule and Robert J. O'Shea, may be deemed beneficial owners of the securities held by various funds under their management. However, they disclaim beneficial ownership except to the extent of their pecuniary interests.
Silver Point Capital continues to maintain a significant stake in Gulfport Energy, reflecting its ongoing involvement in the company.
In other recent news, Gulfport Energy has shown strong financial performance and strategic growth. KeyBanc Capital Markets upgraded its price target for Gulfport Energy, citing the company's attractive valuation and superior forward-looking free cash flow yield. The firm also noted Gulfport Energy's strong operational execution and reliable well results as key factors supporting this positive outlook. On the other hand, JPMorgan trimmed its price target for Gulfport Energy, despite acknowledging significant oil production beat and a positive cash flow beat.
In terms of earnings and revenue, Gulfport Energy's recent third-quarter report showed a noteworthy oil production beat, largely due to strong performance in the Utica condensate window. The report also highlighted a positive cash flow beat and a 4% reduction in the forecasted capital expenditures for fiscal year 2024. The company's commitment to returning a substantial portion of its free cash flow to shareholders is evident in its decision to increase its share buyback authorization to $1 billion.
Further, Gulfport Energy reported a 68% increase in condensate production quarter-over-quarter and reduced its capital spending guidance for 2024 by 4%. Analysts from JPMorgan and KeyBanc see Gulfport Energy as well-positioned for continued growth, particularly in high-margin liquids production. These recent developments underscore Gulfport Energy's strong financial health and commitment to strategic growth.
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