Goodrich Petroleum Corp (NYSE:GDP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.

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. “

Other equities research analysts have also issued research reports about the company. Seaport Global Securities reaffirmed a “buy” rating and issued a $17.00 target price on shares of Goodrich Petroleum Corp in a research note on Wednesday. EuroPacific Canada started coverage on Goodrich Petroleum Corp in a research note on Tuesday, October 3rd. They issued a “buy” rating and a $16.00 target price on the stock. Eurobank EFG started coverage on Goodrich Petroleum Corp in a research note on Tuesday, October 3rd. They issued a “buy” rating and a $16.00 target price on the stock. Northland Securities started coverage on 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. Finally, Capital One Financial Corporation started coverage on Goodrich Petroleum Corp in a research note on Tuesday, July 11th. They issued an “overweight” rating on the stock. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $16.83.

Goodrich Petroleum Corp (NYSE GDP) traded up 2.78% during midday trading on Thursday, hitting $9.97. The company had a trading volume of 11,363 shares. The stock has a market cap of $105.06 million and a PE ratio of 5.66. Goodrich Petroleum Corp has a 52-week low of $8.20 and a 52-week high of $16.85. The stock’s 50-day moving average price is $9.51 and its 200-day moving average price is $11.85.

Goodrich Petroleum Corp (NYSE:GDP) last posted its earnings results on Friday, August 4th. The oil and natural gas company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.08. The company had revenue of $12.50 million during the quarter, compared to analysts’ expectations of $10.70 million. The firm’s quarterly revenue was down 42.9% on a year-over-year basis. On average, equities research analysts expect that Goodrich Petroleum Corp will post ($0.78) EPS for the current fiscal year.

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In other Goodrich Petroleum Corp news, major shareholder Franklin Resources Inc sold 2,689 shares of the business’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $9.66, for a total value of $25,975.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark E. Ferchau sold 2,939 shares of the business’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $9.29, for a total value of $27,303.31. The disclosure for this sale can be found here. Insiders sold a total of 38,089 shares of company stock valued at $376,142 over the last quarter.

A number of institutional investors and hedge funds have recently modified their holdings of GDP. Vanguard Group Inc. acquired a new position in Goodrich Petroleum Corp in the 2nd quarter valued at $2,941,000. FMR LLC acquired a new stake in shares of Goodrich Petroleum Corp during the 2nd quarter worth $2,739,000. Raffles Associates LP acquired a new stake in shares of Goodrich Petroleum Corp during the 2nd quarter worth $2,316,000. Penn Capital Management Co. Inc. acquired a new stake in shares of Goodrich Petroleum Corp during the 2nd quarter worth $1,701,000. Finally, Ameriprise Financial Inc. acquired a new stake in shares of Goodrich Petroleum Corp during the 2nd quarter worth $1,387,000.

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.

Analyst Recommendations for Goodrich Petroleum Corp (NYSE:GDP)

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