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Cohen Increases Stake in Goodrich Petroleum by 1141%, Another Energy Stock
Posted by: Dianne Tordillo (IP Logged)
Date: November 2, 2012 02:45PM
SAC Capital Advisors’ Steven Cohen has sparked intrigue lately due to his recent bullish moves on some of his shareholdings in energy stocks. His most recent one: a 1141.47% addition to his stake of independent oil and gas exploration and production company, Goodrich Petroleum Corp. (GDP).
After the purchase, Cohen's ownership grew to 5.1%, with a current holding of almost 1.9 million shares. In the second quarter, he reported 150,400 Goodrich shares.
Since the start of October, Cohen has also increased in other energy stocks such as Plain Exploration and Production Company (PXP) and Superior Energy Services Inc. (SPN).
In the third quarter, some of Cohen’s reported big energy stock purchases included Bill Barrett Corp. (BBG), Forest Oil Corp. (FST) and Genon Energy Inc. (GEN).
View Steven Cohen’s portfolio details here.
Based in Texas, Goodrich Petroleum reported $4.7 million in net losses for the second quarter of this year, according to its quarterly fiscal release. With a reported long-term debt of $627 million in the second quarter, its net income has declined $29.6 million in the past 12 months, according to GuruFocus 10-Year Financials,.
Its adjusted EBITDAX (earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses) rose 12 percent in the quarter to $45.2 million, and its discretionary cash flow also increased 16 percent for the quarter to 34.8 million.
The company will release its third quarter 2012 earnings on Tuesday, Nov. 6 in a news release and Wednesday, Nov. 7 at 11 a.m. in a conference call.
Altogether GuruFocus provides Goodrich Petroleum a Financial Strength rank of 2 out of 10, a Profitability and Growth rank of 2 out of 10 and a Business Predictability rank of 1 out of 5 stars.
Also with an unstable gross margin trendline, GuruFocus places Goodrich Petroleum under watch, due to its five Severe Warning Signs indicating poor financial strength, an Altman Z-Score in the distress zone and an extremely low interest coverage. View all of Goodrich Petroleum’s warning signs details here.
Currently trading at $12.48 per share, Goodrich has a market cap of $450.5 million, a P/B ratio of 3.6 and a P/S ratio of 2.2.
To read more about Steven Cohen, visit these articles on GuruFocus:
Steven Cohen Snatches Up OpenaTable Inc., Again
Steven Cohen Adds to Superior Energy Stakes,649.41%
Steven Cohen Buys Gaylor Entertainment as it Converts to REIT
Steven Cohen Boosts State in Two Holdings
Guru Discussed: Steven Cohen: Current Portfolio, Stock Picks
Stocks Discussed: GDP, SPN, PXP, GEN, FST, BBG,