Why Goodrich Petroleum's Shares Plunged

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of oil and gas producer Goodrich Petroleum (NYSE: GDP  ) fell 16% today after the company released earnings.

So what: In the third quarter, revenue fell 17% to $46.0 million, and the adjusted loss per share was $0.23. Analysts had expected $66.6 million in revenue and a loss of $0.05 per share.

Now what: There aren't a lot of positive developments to point to for Goodrich. Oil production did increase 17% sequentially, but total production fell 7% on the same basis. I don't see any reason to be a buyer here, with the company continuing to rack up big losses quarter after quarter.

Interested in more info on Goodrich Petroleum? Add it to your watchlist by clicking here.


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