Investors Update: Gulfport Energy Corporation (NASDAQ: GPOR)

On 20 Nov 2019, Gulfport Energy Corporation (NASDAQ: GPOR) changed -0.73% to recent value of $2.72. The stock transacted 6885584 shares during most recent day however it has an average volume of 5059.29K shares. It spotted trading -73.04% off 52-week high price. On the other end, the stock has been noted 19.30% away from the low price over the last 52-weeks.  X

Gulfport Energy Corporation (GPOR) recently stated financial and operational results for the three-months and nine-months ended September 30, 2019 and provided an update on its 2019 activities.  Key information includes the following:

  • Net production averaged 1,527.0 MMcfe per day during the third quarter of 2019
  • Net loss of $48.8M, or $(0.31) per diluted share, for the third quarter of 2019
  • Adjusted net income (non-GAAP) of $39.0M, or $0.24 per diluted share, for the third quarter of 2019
  • Adjusted EBITDA (non-GAAP) of $219.4M for the third quarter of 2019
  • Cash provided by operating activity of $217.6M for the third quarter of 2019
  • Generated Free Cash Flow (non-GAAP), not including working capital changes as defined and reconciled below, of $103.4M for the third quarter of 2019
  • Forecasted 2019 full year net production is estimated to average at the midpoint of the Company’s before provided guidance range of 1,360 MMcfe to 1,400 MMcfe per day.
  • Important level of new hedges added for 2020 with 548 BBtu per day of natural gas fixed price swaps at an average fixed price of $2.88 per MMBtu
  • Completed certain non-core asset divestitures
  • Total liquidity of $626.5M, including cash on hand and borrowing capacity of  about $616.4M under the Company’s revolving credit facility

Balance Sheet and Liquidity
As of September 30, 2019, Gulfport had cash on hand of about $10.1M. As of September 30, 2019, Gulfport’s $1.4B revolving credit facility, under which Gulfport has an elected commitment of $1.0B, had outstanding borrowings of $135.0M and outstanding letters of credit totaling $248.6M. The Company’s total liquidity as of September 30, 2019 of about $626.5M, which included cash on hand and borrowing capacity of about $616.4M under the Company’s revolving credit facility.

Stock and Bond Repurchases
In January 2019, Gulfport’s board of directors authorized the Company to acquire a portion of its outstanding ordinary stock within a 24-month period. There were no additional share purchases made during the third quarter of 2019.

Gulfport repurchased about $105M principal amount of its senior notes for a total cash spend of about $80M during the third quarter of 2019.

Subject to market conditions, the Company intends to opportunistically repurchase its outstanding debt or stock going forward, but is under no obligation to do so.

GPOR has a gross margin of 91.60% and an operating margin of 31.60% while its profit margin remained 25.80% for the last 12 months. Its earnings per share (EPS) expected to touch remained 1.80% for this year while earning per share for the next 5-years is expected to reach at # ref.  The company has 159.19M of outstanding shares and 143.13M shares were floated in the market. According to the most recent quarter its current ratio was 0.6 that represents company’s ability to meet its current financial obligations. The price moved ahead of -12.48% from the mean of 20 days, -7.46% from mean of 50 days SMA and performed -45.96% from mean of 200 days price. Company’s performance for the week was -14.73%, 5.43% for month and YTD performance remained -58.47%.

 

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