Canaccord Reiterates Buy On Goodrich Petroleum Following Capex Budget
Canaccord Genuity analyst Stephen Berman reiterated a Buy rating on Goodrich Petroleum (NYSE:GDP) with a price target of $12, as the company announced its preliminary 2015 capital expenditure budget and operational update.
Berman observed, “We like GDP for its leverage to the emerging Tuscaloosa Marine Shale (TMS). No company is more levered to the TMS than GDP, which has over 300K net acres. The company is making strong progress with its TMS well completions, and, ultimately, in unlocking the vast resource potential of the play.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Stephen Berman has a total average return of -23.4% and a 27.3% success rate. Berman has a -43.3% average return when recommending GDP, and is ranked #3382 out of 3403 analysts.