NEW YORK (TheStreet) -- Goodrich Petroleum
(GDP) shares are up 11.5% to $19.31 on Thursday after reporting that the peak production rate at its Tuscaloosa Marine Shale field in Louisiana has reached 900 barrels a day.
Goodrich invested 70% of its second quarter capital expenditures in the project.
The oil company also reported second quarter results today, with a net loss of 48 cents per diluted share, 3 cents worse than analysts were expecting, on revenue of $53.3 million that was below analysts expectations of $55.12 million.
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TheStreet Ratings team rates GOODRICH PETROLEUM CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:"We rate GOODRICH PETROLEUM CORP (GDP) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income and expanding profit margins. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet." Highlights from the analysis by TheStreet Ratings Team goes as follows:
- You can view the full analysis from the report here: GDP Ratings Report
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