In a recent move that has caught the attention of the market, Michael Sluiter, the Senior Vice President of Reservoir Engineering at Gulfport Energy (OTC:GPORQ) Corp (NASDAQ:GPOR), has sold a significant number of shares in the company. The transactions, which took place on May 24 and May 28, resulted in the sale of 13,723 shares of common stock, totaling over $2.18 million.
The sales were executed at varying prices, with the first transaction of 5,000 shares sold at $159 each, and the subsequent sale of 8,723 shares at a weighted average price of $159.79. The latter shares were sold in multiple transactions with prices ranging from $159.50 to $160.00. Following these transactions, Sluiter's ownership in the company has been reduced to 13,007 shares of common stock.
Gulfport Energy Corp, a player in the crude petroleum and natural gas sector, has thus seen a notable change in the stake held by one of its top executives. The company, which is headquartered in Oklahoma City, has been in the energy business under various names, with its origins tracing back to Western Resource Technologies Inc.
Investors often keep a close eye on insider trading patterns as they can provide insights into an executive's perspective on the company's future performance. The details of these transactions are available to the public, and Gulfport Energy Corp's stakeholders may request full information on the number of shares sold at each separate price within the range specified.
The transactions were officially filed, and the report includes a statement by Patrick Craine, Attorney-in-Fact, who signed on behalf of Sluiter on May 28, 2024. The sales are part of the regular disclosure of stock transactions by company insiders, providing transparency into the trading activities of Gulfport Energy Corp's executives.
InvestingPro Insights
Gulfport Energy Corp (NASDAQ:GPOR) has been in the spotlight with the recent insider trading activity. While insider trades can be a significant indicator of a company's health and future prospects, it is also crucial to look at the broader financial picture provided by key metrics. According to InvestingPro data, Gulfport Energy Corp has a market capitalization of $2.92 billion and a compellingly low P/E ratio of 3.3, based on the last twelve months as of Q1 2024. This valuation suggests that the stock may be undervalued compared to earnings.
The company's price is currently near its 52-week high, trading at 97.44% of this peak value. This aligns with the InvestingPro Tip that Gulfport Energy Corp has experienced a high return over the last year, with a 61.99% one-year price total return. This strong performance could be a factor in the timing of Sluiter's share sale. Moreover, despite the analysts' anticipation of a sales decline in the current year, the company has maintained a solid gross profit margin of 57.25% over the last twelve months as of Q1 2024.
For those looking to delve deeper into Gulfport Energy Corp's financials and future projections, InvestingPro offers additional insights. Currently, there are 11 more InvestingPro Tips available for GPOR, which can provide further guidance on investment decisions. Interested readers can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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