NEW YORK (TheStreet) -- Shares of Goodrich Petroleum (GDP) were higher by 4.05% to $1.92 in late morning trading Tuesday, along with other energy related stocks as oil prices rise to trade in positive territory.
Brent crude for August delivery was up 1.22% to $64.11 a barrel as of 10:57 a.m. ET today, while WTI crude for August delivery was higher by 0.79% to $60.86 a barrel.
Yesterday, the oil company announced that it started the completion of two of six uncompleted wells in the Tuscaloosa Marine Shale.
Additionally, Goodrich Petroleum reaffirmed its second quarter capital expenditure guidance of between $10 million to $15 million.
Houston-based Goodrich Petroleum is an independent oil and natural gas company. The company is engaged in the exploration, development and production of oil and natural gas.
The company owns working interests in about 436 producing oil and natural gas wells in 44 fields throughout eight states.
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."