Goodrich Petroleum's 'Hold' Rating Maintained

Goodrich Petroleum (NYSE: GDP) has made a quicker than expected oil shift while alluding to a funding gap being met with non-core asset sales. Lack of initial results from Eagle Ford (OTC:ECCED) and Shelby Trough could disappoint investors, according to Jefferies.

Jefferies reports GDP's adjusted EPS losses were $0.44, above Jefferies' estimate of $0.55. Cash losses of $2.47/mcfe were 13% below estimates.

Capex budget of $255M is unchanged, $56M in cash on hand and $200M available, funding the $160M 2010 gap shouldn't be an issue.

Jefferies maintains its "hold" rating and price target of $19.

Goodrich Petroleum closed yesterday at $13.27.