Zacks Investment Research Lowers Goodrich Petroleum (GDP) to Strong Sell

Zacks Investment Research downgraded shares of Goodrich Petroleum (NYSEAMERICAN:GDP) from a hold rating to a strong sell rating in a research note released on Wednesday morning.

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. “

Shares of NYSEAMERICAN GDP opened at $14.40 on Wednesday. Goodrich Petroleum has a twelve month low of $8.96 and a twelve month high of $15.75.

Goodrich Petroleum (NYSEAMERICAN:GDP) last announced its quarterly earnings results on Tuesday, August 7th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.06). The business had revenue of $17.84 million during the quarter, compared to analysts’ expectations of $16.70 million.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in Goodrich Petroleum during the second quarter worth approximately $5,126,000. Renaissance Technologies LLC grew its position in shares of Goodrich Petroleum by 61.4% in the second quarter. Renaissance Technologies LLC now owns 126,500 shares of the company’s stock valued at $1,565,000 after purchasing an additional 48,100 shares during the last quarter. Northern Trust Corp acquired a new position in shares of Goodrich Petroleum in the second quarter valued at approximately $999,000. Dimensional Fund Advisors LP grew its position in shares of Goodrich Petroleum by 30.5% in the second quarter. Dimensional Fund Advisors LP now owns 63,495 shares of the company’s stock valued at $785,000 after purchasing an additional 14,850 shares during the last quarter. Finally, Spark Investment Management LLC grew its position in shares of Goodrich Petroleum by 130.0% in the second quarter. Spark Investment Management LLC now owns 23,000 shares of the company’s stock valued at $284,000 after purchasing an additional 13,000 shares during the last quarter.

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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