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Gulfport Energy Corp. |
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Ticker Symbol: GPOR (Nasdaq) |
Industry Group: Oilgas-US Exploration |
Shares Outstanding: 37,900,000 |
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Price: $23.66 8/31/07 |
Day's Volume: 570,000 9/28/07 |
Shares in Float: 36,000,000 |
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52 Week High: $23.70 9/28/07 |
50-Day Average Volume: 319,500 |
Up/Down Volume Ratio: 0.8 |
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Pivot Point: $23.48 07/19/07 high plus .10 |
Pivot Point +5% = Max Buy Price: $24.65 |
Web Address: http://www.gulfportenergy.com |
C A N S L I M | StockTalk | News | Chart | SEC | Zacks Reports
CANSLIM.net Profile: AtlanticGulfport Energy Corporation engages in the exploration, development, and production of oil and gas in the Louisiana Gulf Coast. Its operations are concentrated in two fields, West Cote Blanche Bay and the Hackberry fields. The company also holds working interests and overriding royalty interest in Bayou Long, Bayou Penchant, Bayou Pigeon, Deer Island, Golden Meadow, and Napoleonville fields in Louisiana. The company was founded in 1997 and is headquartered in Oklahoma City, Oklahoma. GPOR has increased its earnings over the year-ago period by +106%, N/A, +163%, and +24% in the past four quarterly financial reports for periods ending in Sept, Dec ‘06, and Mar, Jun '07. During those respective quarters the company managed to increase its sales revenues by +108%, N/A, +357%, and +74%, respectively. Return on Equity of 27% is above the +17% guideline. The company seems to have no problem finding investment bankers to help it raise capital, having complete three additional stock offerings in 2007. The company hails from the Oilgas-US Exploration Foreign group which is presently ranked 52nd on the 197 Industry Groups list. Strong leadership in the group to meet the L criteria includes several high-ranked stocks trading in close range of their 52-week highs right now including - X T O Energy Inc. (XTO), Contango (MCF), ArenaRes (ARD), DenbryRes (DNR), and Ultra Petroleum Corp (UPL). The number of top-rated funds with an ownership interest has risen from 31 funds in September ‘06 to 35 funds as of June '07, a compelling sign of increasing institutional interest (the I criteria).
What to Look For and What to Look Out For: Look for GPOR to find support near its $23.48 pivot point while the path of least resistance may likely tend to lead it higher. Healthy stocks rarely fall more than -7% below their pivot points. As long as the pivot point is not breached by damaging losses then the technical breakout remains intact and the stock remains buyable within the proper guidelines. For disciplined investors, $24.65 may be considered the "maximum buy" price, which is +5% above the pivot point. It is also important to see volume continue to expand as this issue continues advancing. Remember that approximately +40% of stocks pullback and retest support near their pivot points before charging higher. GPOR has also come a long way in a short amount of time which means that the stock could pull back in the near future as it digests its recent gains. If this occurs, ideally volume would dry up and the pullback would be relatively short-lived, forming a high handle. As long as ATNI finds support near its pivot point, the bullish action will not be negated by technical sell signals. Remember, always limit losses per the 7-8% sell rule, and never hold a stock if it falls more than that much from your purchase price.
Technical Analysis: GPOR blasted out of the right side of a deep 10-week cup shaped base pattern with a sixth consecutive day of gains. Volume, as this stock surged above its pivot point on Friday, was above the +50% above average guideline needed to trigger a proper technical buy signal. The fact that this issue blasted out of a cup shaped base without forming a handle is a little concerning. History shows us that stocks that have cleared prior chart resistance have the greatest chances of advancing meaningfully.