Zacks Investment Research upgraded shares of Goodrich Petroleum Corp (NYSE:GDP) from a hold rating to a buy rating in a report issued on Tuesday morning. The brokerage currently has $11.00 price target on the oil and natural gas company’s stock.

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 analysts have also issued reports on GDP. Capital One Financial Corporation started coverage on shares of Goodrich Petroleum Corp in a research note on Tuesday, July 11th. They issued an overweight rating on the stock. Northland Securities started coverage on shares of Goodrich Petroleum Corp in a research note on Wednesday, June 28th. They issued an outperform rating and a $21.00 target price on the stock. EuroPacific Canada started coverage on shares of Goodrich Petroleum Corp in a research note on Tuesday. They issued a buy rating and a $16.00 target price on the stock. Finally, Eurobank EFG started coverage on shares of Goodrich Petroleum Corp in a research note on Tuesday. They issued a buy rating and a $16.00 target price on the stock. Seven analysts have rated the stock with a buy rating, The company has an average rating of Buy and a consensus target price of $16.80.

Shares of Goodrich Petroleum Corp (NYSE:GDP) traded up 0.10% during mid-day trading on Tuesday, hitting $10.25. 59,510 shares of the stock were exchanged. Goodrich Petroleum Corp has a 1-year low of $8.20 and a 1-year high of $17.25. The company’s 50-day moving average is $10.37 and its 200-day moving average is $12.74. The firm has a market cap of $108.01 million and a price-to-earnings ratio of 5.81.

Goodrich Petroleum Corp (NYSE:GDP) last posted its quarterly earnings data on Friday, August 4th. The oil and natural gas company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.08. The company had revenue of $12.50 million during the quarter, compared to analyst estimates of $10.70 million. The business’s revenue was down 42.9% on a year-over-year basis. Equities research analysts anticipate that Goodrich Petroleum Corp will post ($0.77) earnings per share for the current fiscal year.

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In other news, major shareholder Franklin Resources Inc sold 2,689 shares of the firm’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $9.66, for a total value of $25,975.74. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

A number of institutional investors have recently added to or reduced their stakes in GDP. Parkwood LLC boosted its stake in Goodrich Petroleum Corp by 89.9% during the 2nd quarter. Parkwood LLC now owns 85,471 shares of the oil and natural gas company’s stock worth $1,039,000 after acquiring an additional 40,471 shares during the last quarter. Ameriprise Financial Inc. bought a new position in Goodrich Petroleum Corp during the 2nd quarter worth approximately $1,387,000. Penn Capital Management Co. Inc. bought a new position in Goodrich Petroleum Corp during the 2nd quarter worth approximately $1,701,000. Vanguard Group Inc. bought a new position in Goodrich Petroleum Corp during the 2nd quarter worth approximately $2,941,000. Finally, FMR LLC bought a new position in Goodrich Petroleum Corp during the 2nd quarter worth approximately $2,739,000.

About Goodrich Petroleum Corp

Goodrich Petroleum Corporation is an independent oil and natural gas company. The Company is engaged in the exploration, development and production of oil and natural gas on properties primarily in Southwest Mississippi and Southeast Louisiana, which includes the Tuscaloosa Marine Shale Trend (TMS); Northwest Louisiana and East Texas, which includes the Haynesville Shale Trend, and South Texas, which includes the Eagle Ford Shale Trend.

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Analyst Recommendations for Goodrich Petroleum Corp (NYSE:GDP)

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