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Fly News Breaks for December 15, 2016
GPOR
Dec 15, 2016 | 07:15 EDT
After Gulfport announced the acquisition of private equity backed Vitruvian II Woodford for $1.85B, Wells Fargo says that the deal gives Gulfport another positive catalyst while diversifying its .assets and "alleviating concerns over inventory." Wells, however, warns that the Street could view the move as signaling "potential growth constraints, or inability to grow drilling inventory," and the firm says that the deal eliminates Gulfports status as a high quality dry gas Utica pure play. Wells expects the shares to be pressured in the near-term , but it keeps an Outperform rating, saying that the company's Utica strategy remains intact.
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