Goodrich Petroleum Corp (GDP) Rating Increased to Buy at Zacks Investment Research
Goodrich Petroleum Corp (NYSE:GDP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $11.00 price objective on the oil and natural gas company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.22% from the stock’s previous close.
According to Zacks, “Goodrich Petroleum Corporation is an exploration and production company. It engaged in the exploitation, development and production of natural gas and crude oil primarily in the Haynesville Shale in Northeast Texas and Northwest Louisiana, the Tuscaloosa Marine Shale in Eastern Louisiana and Southwestern Mississippi and the oil-window of the Eagle Ford Shale trend in South Texas. Goodrich Petroleum Corporation is based in Houston, Texas. “
GDP has been the subject of several other reports. Northland Securities started coverage on Goodrich Petroleum Corp in a report on Wednesday, June 28th. They issued an “outperform” rating and a $21.00 price target for the company. EuroPacific Canada started coverage on Goodrich Petroleum Corp in a report on Tuesday. They issued a “buy” rating and a $16.00 price target for the company. Capital One Financial Corporation started coverage on Goodrich Petroleum Corp in a report on Tuesday, July 11th. They issued an “overweight” rating for the company. Finally, Eurobank EFG started coverage on Goodrich Petroleum Corp in a report on Tuesday. They issued a “buy” rating and a $16.00 price target for the company. Seven investment analysts have rated the stock with a buy rating, Goodrich Petroleum Corp currently has an average rating of “Buy” and a consensus target price of $16.80.
Goodrich Petroleum Corp (GDP) opened at 9.89 on Tuesday. The stock has a market capitalization of $104.22 million and a price-to-earnings ratio of 5.61. The stock’s 50 day moving average price is $10.37 and its 200 day moving average price is $12.74. Goodrich Petroleum Corp has a 52-week low of $8.20 and a 52-week high of $17.25.
Goodrich Petroleum Corp (NYSE:GDP) last released its quarterly earnings data on Friday, August 4th. The oil and natural gas company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.08. The firm had revenue of $12.50 million for the quarter, compared to analyst estimates of $10.70 million. The business’s revenue for the quarter was down 42.9% on a year-over-year basis. On average, analysts forecast that Goodrich Petroleum Corp will post ($0.77) EPS for the current year.
In related news, major shareholder Franklin Resources Inc sold 2,689 shares of the stock in a transaction on Monday, September 25th. The stock was sold at an average price of $9.66, for a total value of $25,975.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
A number of hedge funds and other institutional investors have recently made changes to their positions in GDP. Parkwood LLC increased its holdings in Goodrich Petroleum Corp by 89.9% in the 2nd quarter. Parkwood LLC now owns 85,471 shares of the oil and natural gas company’s stock valued at $1,039,000 after purchasing an additional 40,471 shares in the last quarter. Ameriprise Financial Inc. purchased a new position in Goodrich Petroleum Corp in the 2nd quarter valued at about $1,387,000. Penn Capital Management Co. Inc. purchased a new position in Goodrich Petroleum Corp in the 2nd quarter valued at about $1,701,000. Vanguard Group Inc. purchased a new position in Goodrich Petroleum Corp in the 2nd quarter valued at about $2,941,000. Finally, FMR LLC purchased a new position in Goodrich Petroleum Corp in the 2nd quarter valued at about $2,739,000.
About Goodrich Petroleum Corp
Goodrich Petroleum Corporation is an independent oil and natural gas company. The Company is engaged in the exploration, development and production of oil and natural gas on properties primarily in Southwest Mississippi and Southeast Louisiana, which includes the Tuscaloosa Marine Shale Trend (TMS); Northwest Louisiana and East Texas, which includes the Haynesville Shale Trend, and South Texas, which includes the Eagle Ford Shale Trend.
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