Analysts Think Goodrich Petroleum (GDP) Will Weigh Options for Asset Sales

November 8, 2012 2:16 PM EST
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Price: $0.16 --0%

Rating Summary:
    4 Buy, 16 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Canaccord Genuity maintained a Buy rating on Goodrich Petroleum (NYSE: GDP) and cut its price target to $25.00 (from $27.00).

Analysts said Goodrich may consider selling assets to increase liquidity and improve operations. This may, if executed properly, help the company generate additional revenue.

“If GDP were to sell a one-third interest in a [joint venture] for $2,500 per acre ($110 million in proceeds) and increase TMS activity from one to three rigs in 2H/13, this scenario could generate $10 per share (~$350 million) of incremental value not currently in our target price,” said analyst John Gerdes.

For an analyst ratings summary and ratings history on Goodrich Petroleum click here. For more ratings news on Goodrich Petroleum click here.

Shares of Goodrich Petroleum closed at $10.52 yesterday.

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