Goodrich Petroleum (NYSEAMERICAN:GDP) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Goodrich Petroleum (NYSEAMERICAN:GDP) from a sell rating to a hold rating in a report issued on Friday, 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 analysts also recently issued reports on GDP. Northland Securities reissued a buy rating and issued a $13.00 price target on shares of Goodrich Petroleum in a research report on Friday, November 8th. SunTrust Banks reduced their price target on shares of Goodrich Petroleum from $16.00 to $14.00 and set a buy rating for the company in a research report on Thursday, December 19th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $13.38.

NYSEAMERICAN GDP traded down $0.26 during mid-day trading on Friday, hitting $6.02. The company’s stock had a trading volume of 12,100 shares, compared to its average volume of 20,384. The firm’s 50 day moving average price is $10.73. Goodrich Petroleum has a twelve month low of $5.18 and a twelve month high of $15.24.

A number of hedge funds and other institutional investors have recently bought and sold shares of GDP. Northern Trust Corp grew its position in Goodrich Petroleum by 1.9% in the 2nd quarter. Northern Trust Corp now owns 94,276 shares of the company’s stock valued at $1,224,000 after purchasing an additional 1,759 shares during the period. BlackRock Inc. grew its position in Goodrich Petroleum by 2.3% in the 2nd quarter. BlackRock Inc. now owns 454,804 shares of the company’s stock valued at $5,907,000 after purchasing an additional 10,167 shares during the period. Vanguard Group Inc. grew its position in Goodrich Petroleum by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 433,569 shares of the company’s stock valued at $5,632,000 after purchasing an additional 1,757 shares during the period. Morgan Stanley grew its position in Goodrich Petroleum by 542.4% in the 2nd quarter. Morgan Stanley now owns 296,489 shares of the company’s stock valued at $3,852,000 after purchasing an additional 250,338 shares during the period. Finally, State Street Corp grew its position in Goodrich Petroleum by 3.4% in the 4th quarter. State Street Corp now owns 148,696 shares of the company’s stock valued at $1,493,000 after purchasing an additional 4,921 shares during the period.

Goodrich Petroleum Company Profile

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.

Read More: How is a buy-side analyst different from a sell-side analyst?

Get a free copy of the Zacks research report on Goodrich Petroleum (GDP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Goodrich Petroleum (NYSEAMERICAN:GDP)

Receive News & Ratings for Goodrich Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Goodrich Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.