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Needham & Company Maintains a 'Buy' on Goodrich Petroleum (GDP); Q3/11: PT Coming Down on Higher Opex; Eagle Ford/Buda Execution Remains Solid

November 9, 2011 8:25 AM EST
Get Alerts GDP Hot Sheet
Price: $23.02 --0%

Rating Summary:
    7 Buy, 15 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Needham & Company maintains a 'Buy' on Goodrich Petroleum (NYSE: GDP) price target of $27.00.

Needham analyst, John Gerdes, says, "We are lowering our target price $3 to $27 per share on higher operating expense/production taxes. Despite the value step-down, we continue to view GDP as one of our top small cap picks for leverage to the liquids transition theme. Goodrich’s execution in the Eagle Ford, Buda and Haynesville plays remains solid, and we see material option value in the Tuscaloosa Marine Shale should the play end up competing economically. Additionally, a potential sale of a portion of the company’s Angelina River Trend acreage would offset the majority of the company’s cash flow deficit next year and alleviate liquidity concerns."

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 $16.32 yesterday.


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