Goodrich Petroleum Corp (NYSEAMERICAN:GDP) saw a large decline in short interest in September. As of September 30th, there was short interest totalling 161,300 shares, a decline of 28.5% from the August 30th total of 225,600 shares. Based on an average daily trading volume, of 13,300 shares, the short-interest ratio is presently 12.1 days. Approximately 1.8% of the shares of the stock are sold short.
A number of research firms have recently commented on GDP. Alembic Global Advisors reissued a “buy” rating on shares of Goodrich Petroleum in a research note on Monday, June 17th. TheStreet downgraded Goodrich Petroleum from a “b” rating to a “c” rating in a research note on Monday, June 17th. Northland Securities began coverage on Goodrich Petroleum in a research note on Sunday, September 1st. They issued a “buy” rating and a $13.00 price objective on the stock. Seaport Global Securities reissued a “buy” rating on shares of Goodrich Petroleum in a research note on Thursday. Finally, Zacks Investment Research downgraded Goodrich Petroleum from a “hold” rating to a “sell” rating in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $14.25.
Shares of NYSEAMERICAN GDP traded down $0.01 during mid-day trading on Monday, reaching $9.30. The company had a trading volume of 1,002 shares, compared to its average volume of 19,078. The company has a 50-day moving average price of $10.73 and a two-hundred day moving average price of $12.09. Goodrich Petroleum has a 1-year low of $9.11 and a 1-year high of $15.50.
Several hedge funds and other institutional investors have recently modified their holdings of GDP. Morgan Stanley grew its holdings in shares of Goodrich Petroleum by 542.4% in the 2nd quarter. Morgan Stanley now owns 296,489 shares of the company’s stock worth $3,852,000 after acquiring an additional 250,338 shares during the last quarter. UBS Oconnor LLC purchased a new position in shares of Goodrich Petroleum during the second quarter valued at $1,948,000. BlackRock Inc. grew its holdings in shares of Goodrich Petroleum by 2.3% during the second quarter. BlackRock Inc. now owns 454,804 shares of the company’s stock valued at $5,907,000 after buying an additional 10,167 shares in the last quarter. Perritt Capital Management Inc. grew its holdings in shares of Goodrich Petroleum by 54.0% during the second quarter. Perritt Capital Management Inc. now owns 27,949 shares of the company’s stock valued at $363,000 after buying an additional 9,805 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Goodrich Petroleum by 7.4% during the second quarter. Renaissance Technologies LLC now owns 114,500 shares of the company’s stock valued at $1,487,000 after buying an additional 7,900 shares in the last quarter.
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.
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