Zacks Investment Research Downgrades Goodrich Petroleum Corp (GDP) to Hold

Goodrich Petroleum Corp (NYSE:GDP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

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. “

A number of other analysts have also recently commented on the company. Capital One Financial Corporation initiated coverage on Goodrich Petroleum Corp in a research report on Tuesday, July 11th. They set an “overweight” rating for the company. Northland Securities initiated coverage on Goodrich Petroleum Corp in a research report on Wednesday, June 28th. They issued an “outperform” rating and a $21.00 price target for the company. EuroPacific Canada initiated coverage on Goodrich Petroleum Corp in a research report on Tuesday, October 3rd. They issued a “buy” rating and a $16.00 price target for the company. Finally, Eurobank EFG initiated coverage on Goodrich Petroleum Corp in a research report on Tuesday, October 3rd. They issued a “buy” rating and a $16.00 price target for the company. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $16.80.

Goodrich Petroleum Corp (GDP) traded up 1.57% on Tuesday, hitting $10.38. The firm has a market capitalization of $109.38 million and a PE ratio of 5.89. Goodrich Petroleum Corp has a one year low of $8.20 and a one year high of $17.25. The company’s 50-day moving average price is $10.47 and its 200-day moving average price is $12.76.

Goodrich Petroleum Corp (NYSE:GDP) last posted its quarterly earnings data on Friday, August 4th. The oil and natural gas company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.08. The firm had revenue of $12.50 million for the quarter, compared to analysts’ expectations of $10.70 million. The company’s revenue was down 42.9% compared to the same quarter last year. Analysts predict that Goodrich Petroleum Corp will post ($0.77) EPS for the current fiscal year.

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In other Goodrich Petroleum Corp news, major shareholder Franklin Resources Inc sold 2,689 shares of the company’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

A number of institutional investors and hedge funds have recently modified their holdings of GDP. Schneider Capital Management Corp purchased a new stake in Goodrich Petroleum Corp in the second quarter worth about $274,000. Parkwood LLC increased its position in Goodrich Petroleum Corp by 89.9% in the second quarter. Parkwood LLC now owns 85,471 shares of the oil and natural gas company’s stock worth $1,039,000 after buying an additional 40,471 shares in the last quarter. Ameriprise Financial Inc. purchased a new stake in Goodrich Petroleum Corp in the second quarter worth about $1,387,000. Penn Capital Management Co. Inc. purchased a new stake in Goodrich Petroleum Corp in the second quarter worth about $1,701,000. Finally, Raffles Associates LP purchased a new stake in Goodrich Petroleum Corp in the second quarter worth about $2,316,000.

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.

Analyst Recommendations for Goodrich Petroleum Corp (NYSE:GDP)

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