Goodrich Petroleum Corp. Now Covered by Analysts at Imperial Capital (GDP)
Analysts at Imperial Capital started coverage on shares of Goodrich Petroleum Corp. (NYSE:GDP) in a research report issued to clients and investors on Wednesday, TheFlyOnTheWall.com reports. The firm set an “in-line” rating and a $27.00 price target on the stock. Imperial Capital’s price objective would suggest a potential upside of 1.58% from the company’s current price.
The analysts wrote, “We are initiating coverage of GDP shares with an In-Line rating and one-year price target of $27, about 2% above the recent share price. In our view, GDP is well placed in the increasingly attractive Tuscaloosa Marine Shale (TMS), where it holds 320,000 net acres. With continued low-risk development in the Eagle Ford oil window, new results from the TMS showing promise, and ample liquidity through the next couple of years (if it does not increase its program), we believe GDP is well positioned for production growth. While we are enthusiastic about the TMS, we await a more attractive entry point, a joint venture (JV), or additional data points to be buyers.”
Shares of Goodrich Petroleum Corp. (NYSE:GDP) opened at 26.58 on Wednesday. Goodrich Petroleum Corp. has a one year low of $7.77 and a one year high of $28.55. The stock has a 50-day moving average of $24.53 and a 200-day moving average of $17.07. The company’s market cap is $976.2 million.
Goodrich Petroleum Corp. (NYSE:GDP) last announced its earnings results on Tuesday, August 6th. The company reported ($0.63) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.61) by $0.02. The company had revenue of $48.50 million for the quarter, compared to the consensus estimate of $58.00 million. During the same quarter last year, the company posted ($0.21) earnings per share. Goodrich Petroleum Corp.’s revenue was up 17.4% compared to the same quarter last year. On average, analysts predict that Goodrich Petroleum Corp. will post $-2.61 earnings per share for the current fiscal year.
A number of other firms have also recently commented on GDP. Analysts at Goldman Sachs Group Inc. initiated coverage on shares of Goodrich Petroleum Corp. in a research note to investors on Tuesday, September 24th. They set a “neutral” rating on the stock. Separately, analysts at Canaccord Genuity reiterated a “buy” rating on shares of Goodrich Petroleum Corp. in a research note to investors on Monday, September 16th. They now have a $27.00 price target on the stock. Finally, analysts at Stifel Nicolaus raised their price target on shares of Goodrich Petroleum Corp. from $24.00 to $35.00 in a research note to investors on Monday, September 16th. They now have a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $25.89.
Goodrich Petroleum Corporation is an independent oil and natural gas company engaged in exploration, development and production of oil and natural gas on properties primarily in Northwest Louisiana, East Texas and South Texas.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.