Goodrich Petroleum (GDP) Stock Falls Amid Lower Oil Prices

NEW YORK (TheStreet) -- Shares of Goodrich Petroleum (GDP) were falling 8.8% to $1.60 on heavy trading volume Monday as oil prices declined.

WTI crude oil for July delivery was down 1.6% to $59.43 a barrel Friday afternoon, and Brent crude oil for August delivery was down 2.2% to $62.84 a barrel.

Oil prices were falling Friday due to U.S. shale oil output forecasts, according to Reuters. U.S. shale producers expect their output to rise through the rest of the year, despite recent scale backs in response to lower oil prices.

Concerns over a possible Greek default also helped lower oil prices as it helped strengthen the dollar against the euro.

About 4.2 million shares of Goodrich Petroleum were traded by 2:37 p.m. Friday, above the company's average trading volume of about 2.9 million shares a day.

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 a few notable weaknesses, 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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