Goodrich Petroleum Corporation (NYSE:GDP) announced receipt of notice that the New York Stock Exchange (“NYSE”) has accepted the Company’s plan for continued listing on the NYSE. The continued listing is subject to quarterly reviews by the NYSE’s Listing and Compliance Committee to ensure the Company’s progress toward its plan.
On August 27, 2015, the NYSE had notified the Company that it was below the NYSE continued listing criteria of (1) average global market capitalization or total stockholders’ equity over a consecutive 30 trading-day period of at least $50,000,000; and (2) average closing price of its common stock of at least $1.00 over a consecutive 30 trading-day period. With the acceptance of the plan, the Company has 18 months from the original notification date in which to regain compliance with the market capitalization or stockholder’s equity listing standard. The Company has six months from the original notification date in which to regain compliance with the $1.00 stock price listing standard.
Certain statements in this news release regarding future expectations and plans for future activities may be regarded as “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. They are subject to various risks, such as financial market conditions, changes in commodities prices and costs of drilling and completion, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 and other subsequent filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.
Goodrich Petroleum is an independent oil and gas exploration and production company listed on the New York Stock Exchange. (Original Source)
Shares of Goodrich Petroleum closed yesterday at $0.40, down $0.03 or -6.84%. GDP has a 1-year high of $7.59 and a 1-year low of $0.38. The stock’s 50-day moving average is $0.60 and its 200-day moving average is $1.20.
On the ratings front, Goodrich Petroleum has been the subject of a number of recent research reports. In a report issued on November 9, Northland Securities analyst Jeff Grampp reiterated a Hold rating on GDP, with a price target of $0.75, which implies an upside of 88.1% from current levels. Separately, on November 2, FBR’s Chad Mabry downgraded the stock to Hold and has a price target of $0.75.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jeff Grampp and Chad Mabry have a total average return of -22.1% and -38.4% respectively. Grampp has a success rate of 33.3% and is ranked #3601 out of 3644 analysts, while Mabry has a success rate of 18.3% and is ranked #3640.
Goodrich Petroleum Corp is an independent oil & natural gas company engaged in the exploration, development & production of oil & natural gas on properties in South Texas, Northwest Louisiana & East Texas & Southwest Mississippi & Southeast Louisiana.