Here’s a Reason Goodrich Petroleum (GDP) Stock Closed Higher Today

NEW YORK (TheStreet) -- Shares of Goodrich Petroleum (GDP) finished the day in the green, closing higher by 2.21% to $2.77 on Friday afternoon. Some energy and related stocks got a boost today due to the rebound in oil prices.

Crude oil (WTI) is up by 1.55% to $58.90 per barrel and Brent crude is rising by 1.82% to $63.16 per barrel this afternoon, according to the index.

Oil prices were driven higher this afternoon following Baker Hughes (BHI) announcement that the number of drilling rigs in the U.S. declined for the 26th straight week, Reuters reports.

The rig count dropped by four with the national total now standing at 642 rigs.

Goodrich Petroleum is a Houston, TX.-based independent oil and natural gas company.

Other related energy stocks that advanced today include EOG Resources (EOG), up by 2.63% to $89.68, Marathon Oil (MRO), higher by 1.11% to $26.95 and Oasis Petroleum (OAS) up by 1.90% to $16.66 this afternoon.

Separately, TheStreet Ratings team rates GOODRICH PETROLEUM CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate GOODRICH PETROLEUM CORP (GDP) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."

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