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. Companies such as Pioneer Natural Resources (PXD) and EOG Resources (EOG) have plenty of opportunity, the latter of which has "40% production growth," Cramer concluded.
-- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts