Goodrich Petroleum (NYSEAMERICAN:GDP) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Goodrich Petroleum (NYSEAMERICAN:GDP) released its quarterly earnings results on Tuesday. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.09, Morningstar.com reports. The firm had revenue of $31.88 million for the quarter, compared to analyst estimates of $34.46 million.

GDP traded up $0.28 during midday trading on Wednesday, hitting $11.08. The company’s stock had a trading volume of 6,137 shares, compared to its average volume of 20,760. Goodrich Petroleum has a 52-week low of $10.01 and a 52-week high of $15.50.

A number of institutional investors and hedge funds have recently bought and sold shares of GDP. BNP Paribas Arbitrage SA grew its holdings in Goodrich Petroleum by 4,265.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 1,877 shares of the company’s stock valued at $26,000 after buying an additional 1,834 shares during the period. Citigroup Inc. grew its holdings in shares of Goodrich Petroleum by 98.0% during the 4th quarter. Citigroup Inc. now owns 5,670 shares of the company’s stock worth $77,000 after purchasing an additional 2,807 shares during the period. Bank of America Corp DE grew its holdings in shares of Goodrich Petroleum by 63.1% during the 4th quarter. Bank of America Corp DE now owns 7,576 shares of the company’s stock worth $102,000 after purchasing an additional 2,932 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Goodrich Petroleum by 3.6% during the 4th quarter. Bank of New York Mellon Corp now owns 25,617 shares of the company’s stock worth $346,000 after purchasing an additional 902 shares during the period. Finally, Spark Investment Management LLC grew its holdings in shares of Goodrich Petroleum by 86.5% during the 1st quarter. Spark Investment Management LLC now owns 40,702 shares of the company’s stock worth $553,000 after purchasing an additional 18,880 shares during the period.

A number of research firms recently commented on GDP. TheStreet cut Goodrich Petroleum from a “b” rating to a “c” rating in a research report on Monday, June 17th. Alembic Global Advisors reiterated a “buy” rating on shares of Goodrich Petroleum in a research report on Monday, June 17th. Northland Securities reiterated a “buy” rating and set a $16.00 price objective on shares of Goodrich Petroleum in a research report on Wednesday. Finally, B. Riley began coverage on Goodrich Petroleum in a research report on Monday, May 20th. They set a “buy” rating and a $15.50 price objective for the company. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $15.75.

About Goodrich Petroleum

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.

Further Reading: Investing in Growth Stocks

Earnings History for Goodrich Petroleum (NYSEAMERICAN:GDP)

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