Canaccord Genuity Reiterates a 'Buy' on Goodrich Petroleum (GDP); Twice As Good

May 9, 2012 8:40 AM EDT
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Price: $0.16 --0%

Rating Summary:
    4 Buy, 16 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 6 | Down: 3 | New: 2
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Canaccord Genuity reiterates a 'Buy' on Goodrich Petroleum (NYSE: GDP) price target of $27.00.

Analyst, John Gerdes, said, "We reiterate our price target and rating as higher price realizations offset a lower production outlook. Relative to the sector, we believe GDP has twice the upside as it offers ~50% greater CFPS growth (’12-’14E), yet trades at only a ~10% premium (’12E EBITDA)."

"Following Goodrich’s Q1/guidance update, we lowered our respective ’12 oil and gas production estimates by 5% and 11%. Conversely, we raised respective ’12E oil and gas price realizations by 7% and 11%. Our ’12 revenue estimate was little changed at $276 million."

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 $15.35 yesterday.

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