Northland Securities analyst Jeff Grampp maintained a Buy rating on Goodrich Petroleum Corp (GDP) today and set a price target of $16. The company’s shares closed yesterday at $10.80, close to its 52-week low of $10.01.
“We note GDP has ~65% of estimated 2H19 natural gas hedged, providing strong pricing support. Additionally, its balance sheet remains in good shape with leverage under 1.5x at the end of 2Q19. We reiterate our OP rating and $16 PT. In-Line: GDP reported 2Q19 Adjusted EBITDA of $21.5MM, essentially in-line with consensus of $21.3MM and our estimate of $22.0MM. Production of 138 MMCFEPD was also in-line with consensus of 137 MMCFEPD and our estimate of 138 MMCFEPD. Realized prices of $2.70/BOE were slightly below our estimate of $2.81/MCFE. The company is currently running one rig in the Haynesville and plans to complete two wells in 3Q19, one of which has already been completed.”
According to TipRanks.com, Grampp ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -17.9% and a 18.7% success rate. Grampp covers the Basic Materials sector, focusing on stocks such as Sundance Energy Australia, Penn Virginia Corporation, and SilverBow Resources Inc.
Goodrich Petroleum Corp has an analyst consensus of Strong Buy, with a price target consensus of $15.75.
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Based on Goodrich Petroleum Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $11.78 million. In comparison, last year the company had a GAAP net loss of $2.66 million.
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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.