In a recent transaction, Silver Point Capital L.P., a significant stakeholder in Gulfport Energy (OTC:GPORQ) Corp (NASDAQ:GPOR), sold a substantial portion of its holdings in the company. The sale, which took place on January 13, involved 429,253 shares of Gulfport Energy’s common stock at a price of $185.22 per share, amounting to a total value of approximately $79.5 million. The stock, currently trading at $192.58, has shown remarkable strength with a 56.85% return over the past year. According to InvestingPro analysis, the stock appears to be trading above its Fair Value, with analyst price targets ranging from $170 to $246.
Following this transaction, Silver Point Capital’s ownership in Gulfport Energy stands at 2,681,309 shares. The sale was executed under direct ownership, as noted in the filing. Silver Point Capital, along with its wholly owned subsidiaries, serves as the investment manager for several funds, which may be considered the beneficial owners of the securities involved. InvestingPro subscribers can access 12 additional key insights about GPOR’s valuation and financial health, helping investors make more informed decisions.
Edward A. Mule and Robert J. O’Shea, both directors and significant owners, are members of Silver Point Capital Management, LLC. They may also be deemed beneficial owners of the securities held by the funds under Silver Point’s management. However, they disclaim any beneficial ownership beyond their pecuniary interests.
The transaction was authorized by Steven Weiser, who signed on behalf of Silver Point Capital and as an attorney-in-fact for Edward A. Mule and Robert J. O’Shea.
In other recent news, Gulfport Energy has demonstrated strong financial performance and strategic growth in recent developments. The company’s third-quarter report showed a significant oil production beat, largely due to a strong performance in the Utica condensate window. This was accompanied by a positive cash flow beat and a 4% reduction in the forecasted capital expenditures for fiscal year 2024. Gulfport Energy also increased its share buyback authorization to $1 billion and repurchased $50 million worth of its shares.
Analyst firms BofA Securities, KeyBanc Capital Markets, and JPMorgan have all updated their outlooks on Gulfport Energy. BofA Securities upgraded Gulfport Energy from Neutral to Buy and increased the price target to $227. KeyBanc Capital Markets raised its price target to $205, maintaining an Overweight rating, while JPMorgan trimmed its price target to $173, also maintaining an Overweight rating.
Gulfport Energy has also been active in repurchasing shares. The company entered into an agreement to repurchase 79,410 shares at a 2.25% discount as part of its ongoing $1 billion common share repurchase program. This decision reflects management’s confidence in Gulfport’s value proposition.
These recent developments highlight Gulfport’s strong financial health and commitment to strategic growth, particularly in high-margin liquids production. According to analysts from KeyBanc and JPMorgan, the company is well-positioned for continued growth.
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