Collins Stewart Starts Goodrich Petroleum (GDP) at Buy
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Collins Stewart initiates coverage on Goodrich Petroleum (NYSE: GDP) with a Buy rating and a $75 price target.
The firm believes that even though shares of Goodrich are up more than 80% since May 1, the stock still looks undervalued due to natural gas prices that will continue to increase, "impressive quarterly growth and lower expenses" and stakes in the Haynesville Shale. Specifically, Collins Stewart says that "even modest Haynesville potential is not reflected in the share price."
Goodrich Petroleum Corporation, an independent oil and gas company, together with its subsidiaries, engages in the exploration, exploitation, development, and production of oil and natural gas properties in the Cotton Valley trend of East Texas and Northwest Louisiana.
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