In a report released today, Hassan Ahmed from Alembic Global reiterated a Buy rating on Goodrich Petroleum Corp (GDP). The company’s shares closed on Friday at $11.01, close to its 52-week low of $10.67.
Ahmed said:
“We studied macro and micro factors pertaining to Iran’s chemical industry in light of recently announced sanction tightening against that country. The results of our analysis point to rising chemical prices.”
According to TipRanks.com, Ahmed is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -7.9% and a 31.7% success rate. Ahmed covers the Consumer Goods sector, focusing on stocks such as Westlake Chemical Corp, Venator Materials Plc, and LyondellBasell.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Goodrich Petroleum Corp with a $18.75 average price target, which is a 70.3% upside from current levels. In a report issued on June 10, Northland Securities also assigned a Buy rating to the stock with a $22 price target.
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Goodrich Petroleum Corp’s market cap is currently $133.8M and has a P/E ratio of 22.18. The company has a Price to Book ratio of 2.
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Goodrich Petroleum Corp. engages in the exploration, development, and production of oil and natural gas on properties. It focuses on the Haynesville Shale in Northwest Louisiana and Northeast Texas, the Eagle Ford Shale formations in South Texas and the Tuscaloosa Marine Shale in Eastern Louisiana and Southwestern Mississippi.
