Goodrich Petroleum (GDP) closed the most recent trading day at $20.44, moving +1.04% from the previous trading session. The stock outpaced the S&P 500’s daily loss of 0.11%.
Prior to today’s trading, shares of the independent oil and gas company had lost 1.22% over the past month. This has lagged the Oils-Energy sector’s gain of 15.65% and the S&P 500’s gain of 4.61% in that time.
Investors will be hoping for strength from GDP as it approaches its next earnings release, which is expected to be November 4, 2021. The company is expected to report EPS of $1.02, up 666.67% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $45.07 million, up 109.9% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $3.73 per share and revenue of $167.84 million. These totals would mark changes of +1676.19% and +68.18%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for GDP. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. GDP is currently a Zacks Rank #1 (Strong Buy).
Valuation is also important, so investors should note that GDP has a Forward P/E ratio of 5.42 right now. For comparison, its industry has an average Forward P/E of 10.83, which means GDP is trading at a discount to the group.
The Oil and Gas – Exploration and Production – United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 4, putting it in the top 2% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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