Jefferies Raises Price Target on Goodrich Petroleum (GDP), Maintains Hold Rating

Jefferies is reiterating its Hold rating on shares of Goodrich Petroleum (NYSE: GDP), but is raising its price target from $18 to $22.

The firm is also increasing its 2011 EPS estimate from ($0.22) to $0.30 and is releasing its 2012 estimate at $1.46.

Jefferies revisions are driven by increases to its '11 and '12 oil price deck to $105/bbl and $100/ bbl from $85. The firms long-term oil price estimate of $85/bbl remains unchanged.

Oil and gas averaged $94.85/$4.20 in q1 '11 versus $85.16/$3.80 in q4 '10 and $78.84/$5.09 in q1 '10. Our '11, '12, and long-term natural gas price deck of $4.10/mcf, $5.00/mcf, and $5.00/mcf also remain unchanged.

For more ratings news on Goodrich Petroleum click here and for the rating history of Goodrich Petroleum click here.

Shares of Goodrich Petroleum closed at $22.11 yesterday.

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