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 (NYS: 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.
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The article Why Goodrich Petroleum's Shares Plunged originally appeared on Fool.com.Fool contributor Travis Hoium has no positions in the stocks mentioned above. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings, or follow his CAPS picks at TMFFlushDraw. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.