Goodrich Petroleum (GDP) Q2 Results - Aug 7

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

Goodrich Petroleum (GDP) Q2 Results - Aug 7

Post by dan_s »

I will get all of the forecast/valuation models update by Monday.

Here is what John White at Roth Capital said about GDP's Q2 Results. GDP closed at $11.08 on August 7. First Call's price target is $18.30.

Our valuation is based on a net asset value (NAV) analysis which produced $23.03 per share which we rounded lower to our $23.00 per share price target.

GDP: Strong 2Q: 35% Sequential Production Growth; CFPS/EBITDA In-Line: Positive

GDP reported actual 2Q 2019 production of 138,200 Mcfe per day, a 35% sequential increase over 1Q 2019 volumes due to strong drilling and completions. GDP reported actual 2Q 2019 CFPS/EBITDA of $1.41/$21.5 million, in line with the consensus figures of $1.46/$21.3 million and beating our estimates of $1.35/$20.2 million.

GDP has recently completed its Melody Jones et al 20H No. 1 (89% interest) well in the Bethany-Longstreet field of DeSoto Parish, Louisiana. The well, which has a lateral length of approximately 4,600 feet, had an average 24-hour initial production rate of approximately 22,000 Mcfe per day. GDP is running one rig with current plans to complete its next well late in 3Q 2019.

After further review and listening to the earnings conference call we will adjust our estimates accordingly.
Dan Steffens
Energy Prospectus Group
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