Natural gas producer Gulfport Energy (NYSE: GPOR) will be announcing earnings results this Wednesday afternoon. Here’s what you need to know.
Gulfport Energy beat analysts’ revenue expectations last quarter, reporting revenues of $323.2 million, down 27.8% year on year. It was a satisfactory quarter for the company, with EPS in line with analysts’ estimates but a slight miss of analysts’ EBITDA estimates. It reported a year-on-year oil production decline of 46.4%.
Is Gulfport Energy a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Gulfport Energy’s revenue to decline 8.2% year on year, a reversal from the 49.6% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Gulfport Energy has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Gulfport Energy’s peers in the mixed or offshore upstream e&p segment, some have already reported their Q3 results, giving us a hint as to what we can expect. California Resources delivered year-on-year revenue growth of 9.1%, missing analysts’ expectations by 0.6%, and Weatherford reported a revenue decline of 7.2%, topping estimates by 0.8%. Weatherford traded up 7.8% following the results.
Read our full analysis of California Resources’s results here and Weatherford’s results here.
Investors in the mixed or offshore upstream e&p segment have had steady hands going into earnings, with share prices flat over the last month. Gulfport Energy is up 6.2% during the same time and is heading into earnings with an average analyst price target of $214.77 (compared to the current share price of $167.55).
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