UPDATE: Imperial Capital Initiates Coverage on Goodrich Petroleum Awaiting More Attractive Entry Point
In a report published Wednesday, Imperial Capital analyst Kim Pacanovsky initiated coverage on Goodrich Petroleum Corporation (NYSE: GDP) with an In-Line rating and $27.00 price target.
In the report, Imperial Capital noted, “We are initiating coverage of GDP shares with an In-Line rating and one-year price target of $27, about 2% above the recent share price. In our view, GDP is well placed in the increasingly attractive Tuscaloosa Marine Shale (TMS), where it holds 320,000 net acres. With continued low-risk development in the Eagle Ford oil window, new results from the TMS showing promise, and ample liquidity through the next couple of years (if it does not increase its program), we believe GDP is well positioned for production growth. While we are enthusiastic about the TMS, we await a more attractive entry point, a joint venture (JV), or additional data points to be buyers.”
Goodrich Petroleum Corporation closed on Tuesday at $26.58.
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