UPDATE: Credit Suisse Reinstates Gulfport Energy at Outperform on Additional Utica Inventory in NAV Estimate

In a report published Wednesday, Credit Suisse analyst Mark Lear reinstated coverage on Gulfport Energy (NASDAQ: GPOR) with an Outperform rating, and raised the price target from $59.00 to $72.00.

In the report, Credit Suisse noted, “We reinstate coverage of GPOR with an Outperform rating and raise our target price to $72 (from $59 prior to restriction) as we account for additional Utica inventory in our NAV estimate (from ~350 to ~500 net locations) driven by the quicker than anticipated ramp to a seven-rig program. We adjust our 2013/14/15 EPS estimates -7%/+4%/+19% on our lower 2013 production estimate (18.5 MBoe/d from 20.7 MBoe/d) due to infrastructure delays, but higher.”

Gulfport Energy closed on Tuesday at $48.90.