05. Gulfport Energy Corporation (NYSE:GPOR)
Forward P/E ratio as of October 2: 3.81
Number of Hedge Fund Holders: 33
Gulfport Energy Corporation (NYSE:GPOR) is a leading player in the acquisition, exploration, development, and production of natural gas, crude oil, and natural gas liquids across the United States. With core assets in the Utica and Marcellus formations in Ohio and the SCOOP Woodford and Springer formations in Oklahoma, the company is positioned to capitalize on its extensive high-quality asset base. As of October 2, Gulfport Energy boasts an attractive forward Price-to-Earnings (P/E) ratio of 3.81, making it a compelling addition to any list of mid-cap stocks with low P/E ratios. The stock’s inclusion is further supported by its strong financial performance and operational efficiency.
In the second quarter of 2024, Gulfport Energy Corporation (NYSE:GPOR) reported impressive financial results, generating $164 million in adjusted EBITDA and $20 million in adjusted free cash flow. The company’s production averaged 1.05 billion cubic feet equivalent per day, meeting expectations despite a challenging pricing environment. Gulfport also announced its intention to narrow its full-year production guidance to a range of 1.055 billion to 1.07 billion cubic feet equivalent per day, demonstrating confidence in its operational capabilities.
Gulfport Energy Corporation (NYSE:GPOR) strategic focus on cost optimization and efficiency improvements led to over $25 million in capital savings for its 2024 drilling and completion budget. The company’s operational team set new records, including an increase of 28% in daily frac pumping hours in the Utica region compared to 2023, highlighting the significant enhancements in drilling productivity and well completion. Additionally, Gulfport’s shift to a more liquids-rich development strategy has started yielding positive results, as evidenced by the successful completion of four gross condensate wells in Harrison County, Ohio.
Hedge fund sentiment around Gulfport Energy Corporation (NYSE:GPOR) has also shown a positive trend, with 33 hedge funds holding stakes in the company as of Q2 2024, up from 31 in the previous quarter. This reflects growing institutional confidence in the stock.
Gulfport Energy Corporation (NYSE:GPOR) robust balance sheet, disciplined capital allocation, and focus on shareholder returns position it well to navigate the current market dynamics. With a low forward P/E ratio and strong operational execution, Gulfport Energy Corporation (NYSE:GPOR) is an attractive investment for those seeking value in mid-cap stocks with solid fundamentals.
Greenlight Capital stated the following regarding Gulfport Energy Corporation (NYSE:GPOR) in its Q2 2024 investor letter:
“We exited a few positions during the quarter, including, Gulfport Energy Corporation (NYSE:GPOR): During our 4-year holding period, the company successfully reorganized and emerged from bankruptcy with a clean balance sheet. The company executed successfully and we exited with a 62% IRR.”
