NEW YORK (TheStreet) -- Gulfport Energy
(GPOR - Get Report) stock is plummeting Thursday following its below-consensus earnings report and on numerous analyst downgrades. By late morning, shares had tumbled 18.5% to $59.50.
Over the three months to March, net income of 20 cents a share fell short by a penny, according to analysts surveyed by Thomson Reuters. Revenue of $118 million was under estimates of $123.6 million.
On Thursday, Stifel cut shares to "hold" from "buy," while Global Hunter downgraded the stock to "neutral" from "buy."
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TheStreet Ratings team rates GULFPORT ENERGY CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GULFPORT ENERGY CORP (GPOR) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, compelling growth in net income, good cash flow from operations and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."
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