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UPDATE: KLR Group Upgrades Goodrich Petroleum As TMS Execution Will Evolve


In a report published Tuesday, KLR Group analyst John Gerdes upgraded the rating on Goodrich Petroleum (NYSE: GDP) from Hold to Accumulate, and raised the price target from $24.00 to $25.00.

In the report, KLR Group noted, “We are upgrading GDP from Hold to Accumulate and increasing our target price $1 to $25 per share following minor model refinements. Since mid-June, GDP has depreciated 30%+ and underperformed the sector by ~25% given less inspiring recent TMS delineation tests. With the share price weakness, our target price now reflects ~25% upside and thus merits an upgrade to Accumulate. Assuming ~$1.2 billion of EV outside of the TMS (~$300 million Haynesville and $900 million Eagle Ford), the market is currently ascribing ~$600 million of value to Goodrich's TMS leasehold, or ~$4,000 per core acre (~150,000 net acres). Our $25 target price implies ~$800 million of TMS value, or ~$5,300 per core acre.”

Goodrich Petroleum closed on Monday at $19.71.

Latest Ratings for GDP

Oct 2020Roth CapitalMaintainsBuy
Apr 2020SunTrust Robinson HumphreyMaintainsBuy
Dec 2019SunTrust Robinson HumphreyMaintainsBuy

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Posted-In: John Gerdes KLR GroupAnalyst Color Upgrades Analyst Ratings

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