Goodrich Petroleum Upgraded to Accumulate at KLR Group (GDP)
Goodrich Petroleum (NYSE:GDP) was upgraded by equities researchers at KLR Group from a “hold” rating to an “accumulate” rating in a research report issued on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $25.00 price target on the stock. KLR Group’s target price would suggest a potential upside of 26.84% from the stock’s previous close.
The analysts wrote, “We are upgrading GDP from Hold to Accumulate and increasing our target price $1 to $25 per share following minor model refinements. Since mid-June, GDP has depreciated 30%+ and underperformed the sector by ~25% given less inspiring recent TMS delineation tests. With the share price weakness, our target price now reflects ~25% upside and thus merits an upgrade to Accumulate. Assuming ~$1.2 billion of EV outside of the TMS (~$300 million Haynesville and $900 million Eagle Ford), the market is currently ascribing ~$600 million of value to Goodrich’s TMS leasehold, or ~$4,000 per core acre (~150,000 net acres). Our $25 target price implies ~$800 million of TMS value, or ~$5,300 per core acre.”
Other equities research analysts have also recently issued reports about the stock. Analysts at SunTrust cut their price target on shares of Goodrich Petroleum from $41.00 to $35.00 in a research note on Friday. Separately, analysts at RBC Capital cut their price target on shares of Goodrich Petroleum from $31.00 to $29.00 in a research note on Friday. Finally, analysts at Raymond James upgraded shares of Goodrich Petroleum from an “outperform” rating to a “strong-buy” rating in a research note on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Goodrich Petroleum currently has a consensus rating of “Buy” and an average price target of $33.75.
Goodrich Petroleum (NYSE:GDP) traded down 5.48% on Tuesday, hitting $18.63. The stock had a trading volume of 726,489 shares. Goodrich Petroleum has a one year low of $11.80 and a one year high of $30.52. The stock’s 50-day moving average is $22. and its 200-day moving average is $21.03. The company’s market cap is $827.7 million.
Goodrich Petroleum (NYSE:GDP) last released its earnings data on Thursday, August 7th. The company reported ($0.48) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.46) by $0.02. The company had revenue of $53.30 million for the quarter, compared to the consensus estimate of $55.10 million. During the same quarter in the prior year, the company posted ($0.63) earnings per share. The company’s quarterly revenue was up 9.9% on a year-over-year basis. Analysts expect that Goodrich Petroleum will post $-1.70 EPS for the current fiscal year.
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.
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