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

Goodrich Petroleum (NYSEAMERICAN:GDP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday, 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. “

NYSEAMERICAN GDP traded up $0.17 on Tuesday, reaching $10.66. 77,361 shares of the stock traded hands, compared to its average volume of 64,419. The firm’s fifty day simple moving average is $10.42 and its 200 day simple moving average is $10.37. The company has a quick ratio of 0.27, a current ratio of 0.28 and a debt-to-equity ratio of 2.11. The company has a market cap of $142.87 million, a price-to-earnings ratio of -4.42 and a beta of 2.11. Goodrich Petroleum has a 12 month low of $5.91 and a 12 month high of $13.30.

Goodrich Petroleum (NYSEAMERICAN:GDP) last issued its quarterly earnings results on Wednesday, March 10th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). The firm had revenue of $28.90 million for the quarter, compared to the consensus estimate of $29.99 million. Goodrich Petroleum had a negative net margin of 28.63% and a negative return on equity of 3.62%. As a group, equities research analysts forecast that Goodrich Petroleum will post 0.26 EPS for the current fiscal year.

Large investors have recently made changes to their positions in the company. Rhumbline Advisers lifted its holdings in shares of Goodrich Petroleum by 11.2% in the fourth quarter. Rhumbline Advisers now owns 12,386 shares of the company’s stock valued at $125,000 after purchasing an additional 1,251 shares in the last quarter. Bailard Inc. purchased a new stake in shares of Goodrich Petroleum in the fourth quarter valued at $179,000. JPMorgan Chase & Co. lifted its holdings in shares of Goodrich Petroleum by 237.4% in the fourth quarter. JPMorgan Chase & Co. now owns 25,226 shares of the company’s stock valued at $254,000 after purchasing an additional 17,750 shares in the last quarter. Federated Hermes Inc. purchased a new stake in shares of Goodrich Petroleum in the fourth quarter valued at $482,000. Finally, Prescott Group Capital Management L.L.C. purchased a new stake in shares of Goodrich Petroleum in the fourth quarter valued at $696,000. Institutional investors own 80.40% of the company’s stock.

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.

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