Goodrich Petroleum (NYSEAMERICAN:GDP) Rating Lowered to Sell at Zacks Investment Research

Goodrich Petroleum (NYSEAMERICAN:GDP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, Zacks.com reports.

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. “

Several other research firms have also recently commented on GDP. Roth Capital upgraded Goodrich Petroleum from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 6th. Capital One Financial upgraded Goodrich Petroleum from an “equal weight” rating to an “overweight” rating in a research report on Monday, March 16th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $10.56.

Shares of NYSEAMERICAN GDP traded down $0.24 during mid-day trading on Wednesday, hitting $6.83. The company had a trading volume of 19,200 shares, compared to its average volume of 42,294. Goodrich Petroleum has a 12 month low of $2.39 and a 12 month high of $12.01.

Goodrich Petroleum (NYSEAMERICAN:GDP) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.02). The company had revenue of $28.95 million during the quarter, compared to analyst estimates of $26.34 million.

Several hedge funds have recently modified their holdings of GDP. Rhumbline Advisers boosted its stake in shares of Goodrich Petroleum by 25.4% during the 1st quarter. Rhumbline Advisers now owns 14,827 shares of the company’s stock worth $63,000 after acquiring an additional 3,000 shares in the last quarter. Barclays PLC boosted its stake in shares of Goodrich Petroleum by 102.9% during the 4th quarter. Barclays PLC now owns 9,087 shares of the company’s stock worth $91,000 after acquiring an additional 4,609 shares in the last quarter. UBS Group AG boosted its stake in shares of Goodrich Petroleum by 43.5% during the 4th quarter. UBS Group AG now owns 12,614 shares of the company’s stock worth $127,000 after acquiring an additional 3,822 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Goodrich Petroleum by 11.8% during the 1st quarter. Geode Capital Management LLC now owns 117,137 shares of the company’s stock worth $499,000 after acquiring an additional 12,373 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Goodrich Petroleum by 4.8% during the 1st quarter. State Street Corp now owns 155,849 shares of the company’s stock worth $664,000 after acquiring an additional 7,153 shares in the last quarter.

About Goodrich Petroleum

Goodrich Petroleum Corporation, an independent oil and natural gas company, engages in the exploration, development, and production of oil and natural gas. It primarily holds interests in the Haynesville Shale Trend in northwest Louisiana and East Texas; Tuscaloosa Marine Shale Trend located in southwest Mississippi and southeast Louisiana; and the Eagle Ford Shale Trend situated in South Texas.

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