NEW YORK (TheStreet) -- "Some people are going to be shocked that Gulfport Energy (GPOR - Get Report) is down very big today," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Cramer's Stop Trading" segment.
The company missed on top- and bottom-line expectations and provided lower-than-expected production growth estimates.
Cramer said Gulfport Energy is drilling in the Utica shale, which has turned out to be "spotty." The company said it is finding natural gas, when it was thought to be drilling for oil.
The same thing happened to Chesapeake Energy (CHK), he said, adding that Gulfport Energy "is in the wrong place."
Investors "need growth," and should be looking for companies that have exposure to the Permian basin and the Eagle Ford shale, he suggested.
-- Written by Bret Kenwell in Petoskey, Mich.