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Upgrade Alert for Goodrich Petroleum (GDP)

By Amy Schwartz

Goodrich Petroleum (NYSE:GDP) was upgraded from Accumulate to Buy at KLR Group today. The stock closed yesterday at $8.10 on volume of 5.1 million shares, above average daily volume of 2.2 million.

Goodrich Petroleum has overhead space with shares priced $8.10, or 74.5% below the average consensus analyst price target of $31.81. Goodrich Petroleum shares should first meet resistance at the 50-day moving average (MA) of $17.06 and find additional resistance at the 200-day MA of $19.73.

Goodrich Petroleum Corporation and its subsidiaries explore, develop, produce, and acquire oil and natural gas properties. The Company's properties are located in the onshore portions of the United States, primarily in Louisiana and Texas.

Goodrich Petroleum share prices have moved between a 52-week high of $30.52 and a 52-week low of $7.62 and closed yesterday at 6% above that low price at $8.10 per share. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 3.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Goodrich Petroleum on September 15th, 2014 by issuing a Downtrend alert when the shares were trading at $18.08. Since that call, shares of Goodrich Petroleum have fallen 55.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades goodrich petroleum

Ticker(s): GDP