Goodrich Petroleum (NYSE:GDP) was upgraded from Sector Perform to Outperform at Iberia today. The stock closed yesterday at $9.23 on volume of 1.3 million shares, above average daily volume of 762,000.

There is potential upside of 86.6% for shares of Goodrich Petroleum based on a current price of $9.23 and an average consensus analyst price target of $17.22. The stock should find initial resistance at its 50-day moving average (MA) of $11.70 and further resistance at its 200-day MA of $14.13.

Goodrich Petroleum share prices have moved between a 52-week high of $20.67 and a 52-week low of $7.77 and closed yesterday at 19% above that low price at $9.23 per share. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 2.8%.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Goodrich Petroleum on September 26th, 2012 by issuing a Downtrend alert when the shares were trading at $12.55. Since that call, shares of Goodrich Petroleum have fallen 26.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.