Dallas, Texas 05/013/2014 (FINANCIALSTRENDS) – Goodrich Petroleum Corporation (NYSE:GDP) looks good for at least the next couple of months after the first quarter report helped GDP snag a slew of analyst ratings and price target upgrades, which in turn is providing the momentum for GDP to surge ahead with a feel-good vibe.
Goodrich Petroleum Corporation First Quarter Report
Goodrich Petroleum Corp reported revenues for the first quarter of 2014 totaled $51.8 million, as compared to the $47.1 million the company reported in the same quarter last year. Adjusted EBITDAX was $29.1 million for the first quarter this year, as compared to $27.1 million for the first quarter in 2013.
Goodrich’s $0.54 in EPS loss for the first quarter was eight cents higher than the analyst consensus estimate of $0.46 EPS loss. The $51.8 million in revenue was likewise slightly below the consensus estimate of $53.71.
Production rose to 6.5 billion cubic feet equivalent (Bcfe) for the quarter. This works out to an average of 72,000 Mcfe per day.
Analyst Ratings Prop Up Goodrich Petroleum Corporation
Despite the higher than expected losses reported for the quarter, Goodrich managed to snag three valuable analyst ratings in its favor in the last couple of days, and this is now propping up GDP and may even trigger a rally in the price.
For starters, MLV & Co reiterated its buy rating for GDP and boosted its price target from $27 to $32. Secondly, The Street upgraded its rating from sell to hold, and then Canaccord Genuity reiterated its buy rating for the stock and upgraded the price target from $28 to $29.
The Street analysts noted that GDP’s revenue growth has outpaced the industry’s average of 0.2%, and the revenue growth has in turn helped the company post a better EPS.