(Gulfport Energy story updated for Monday stock performance)
OKLAHOMA CITY, Okla. (TheStreet) -- Last week ended with a rally for energy stocks on the combined effect of President Obama's offshore drilling plan and the price of oil rising above $85. The energy rally continued on Monday, with the sector up by 1.6% in the afternoon and oil rising to its highest level in 17 months, near $87.
One energy sector winner from last week that was continuing its run on Monday was Gulfport Energy (GPOR).
Still, Gulfport Energy's share spike was due to events taking place far away from OPEC countries and the U.S. offshore drilling locations. Specifically, Gulfport was rising for the third consecutive day on Monday because of oil sands acreage in Canada.Gulfport was up more than 4.5% on Monday, or another 62 cents, to above $14. Gulfport shares hit a new 52-week high intra-day on Monday, at $14.35. Last Thursday, Gulfport shares had begun trading at $11.30. Most of the oil and gas drilling plays were up by decent gains on last week, between 2% and 4% gains on Wednesday and Thursday. The gains among the well-known drillers were led on the last day of trading before the Easter holiday by ENSCO International (ESV), up close to 5%. ENSCO shares were up close to 3% on Monday, too, though short of the level of Gulfport Energy's continued rally. What's more, ENSCO's gains last Thursday were nothing when compared with the one-day 20% gain in shares of Gulfport last Thursday. Gulfport's gained $2.18 on Thursday. There were close to 1.3 million shares of Gulfport Energy traded on Thursday, versus an average daily volume of shares traded under 300,000. Trading of close to 600,000 Gulfport Energy shares on Monday afternoon was still week above its average daily volume. While many energy investors are hunting for the next big offshore oil plays, investors were banking on an eventual initial public offering in the oil sands as they drove up the share price of Gulfport Energy.
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