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.
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