About 3.5 million shares of Goodrich Petroleum were traded by 11:34 a.m. Wednesday, above the company's average trading volume of about 3.1 million shares a day.
On Monday, Goodrich petroleum announced that is started the completion of two out of six uncompleted wells in the Tuscaloosa Marine Shale in the Gulf of Mexico. The company said said the two wells will be completed with flow back and initial production expected within the next one to two weeks.
The oil company will complete the remaining four uncompleted wells in the Tuscaloosa Marine Shale from mid-July through early September.
Goodrich Petroleum also re-affirmed its second quarter capital expenditure guidance of $10 million to $15 million when it announced the well completions.
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."