Silver Point Capital, a major owner of Gulfport Energy Corp (GPOR), recently acquired an additional 22,000 shares. The buy increased the fund’s stake by nearly 0.25 percent, and came to a total purchase price of $1.75 million.
This is the fourth buy from the fund since June, totaling nearly 450,000 shares. In the time the fund has been buying, shares have moved up nearly 35 percent.
Overall, company insiders own 0.35 percent of company shares, and have been buyers at lower prices in the past two years.
The surge higher in shares occurs as oil and, more importantly, natural gas prices have been trending higher ahead of the winter months thanks to inflationary pressures and robust demand.
Action to take: Shares are just off of their highs, but likely have some more upside, particularly as a play on higher natural gas prices in the winter months. Shares don’t pay a dividend, so investors may want to look elsewhere if they want to get paid to wait.
For traders, options aren’t available at the moment, as the company has just come out of bankruptcy, which it fell into during the pandemic. Traders will need to look elsewhere for an options trade, but can certainly buy shares of the stock and look for a big move higher to quickly take a profit on shares.
Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.