Zacks Investment Research downgraded shares of Goodrich Petroleum (NYSEAMERICAN:GDP) from a buy rating to a hold rating in a research report released on Monday morning, 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 research firms also recently issued reports on GDP. Capital One Financial upgraded Goodrich Petroleum from an equal weight rating to an overweight rating in a report on Monday, March 16th. Roth Capital upgraded Goodrich Petroleum from a neutral rating to a buy rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Goodrich Petroleum currently has a consensus rating of Buy and a consensus target price of $10.56.

Goodrich Petroleum stock traded down $0.57 during midday trading on Monday, hitting $6.53. The company’s stock had a trading volume of 54,300 shares, compared to its average volume of 43,435. Goodrich Petroleum has a 12 month low of $2.39 and a 12 month high of $13.34.

Goodrich Petroleum (NYSEAMERICAN:GDP) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.02). The business had revenue of $28.95 million for the quarter, compared to analysts’ expectations of $26.34 million.

A number of large investors have recently added to or reduced their stakes in GDP. Geode Capital Management LLC grew its stake in Goodrich Petroleum by 11.8% during the 1st quarter. Geode Capital Management LLC now owns 117,137 shares of the company’s stock valued at $499,000 after acquiring an additional 12,373 shares in the last quarter. State Street Corp grew its stake in Goodrich Petroleum by 4.8% during the 1st quarter. State Street Corp now owns 155,849 shares of the company’s stock valued at $664,000 after acquiring an additional 7,153 shares in the last quarter. Walthausen & Co. LLC grew its stake in Goodrich Petroleum by 7.4% during the 4th quarter. Walthausen & Co. LLC now owns 94,150 shares of the company’s stock valued at $945,000 after acquiring an additional 6,500 shares in the last quarter. Barclays PLC grew its stake in Goodrich Petroleum by 102.9% during the 4th quarter. Barclays PLC now owns 9,087 shares of the company’s stock valued at $91,000 after acquiring an additional 4,609 shares in the last quarter. Finally, UBS Group AG grew its stake in shares of Goodrich Petroleum by 43.5% in the 4th quarter. UBS Group AG now owns 12,614 shares of the company’s stock valued at $127,000 after buying an additional 3,822 shares in 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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