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Goodrich Petroleum target raised to $7 at Imperial Capital

Mar. 04, 2015 3:39 PM ETGoodrich Petroleum Corporation (GDP) StockGDPBy: Carl Surran, SA News Editor
  • Goodrich Petroleum (GDP +1%) is reiterated with an Outperform rating but with a $7 stock target price, raised from $4, at Imperial Capital, which cites positive developments including a $100M second lien financing that should ensure the company survives through 2016, at which time Imperial expects considerably improved oil and gas pricing.
  • Although the recent share raise adds a sizable 27% to shares outstanding, Imperial believes current shareholders will be rewarded by enhanced liquidity and eliminating the possibility of a fire sale of assets.
  • The firm thinks the combination of enhanced liquidity and improving well costs in the Tuscaloosa Marine Shale means the stock has the potential to offer superior returns above current levels.

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