Having closed trading down more than 22 percent to a share price of 16-cents per stock Wednesday, Houston-based Goodrich Petroleum Corp. is no longer a ticker on the New York Stock Exchange (NYSE).
The NYSE regularly delists companies that trade below $1 for more than 30 days. From there, the companies’ shares are transferred to the OTC Markets (over the counter), where they remain governed by the U.S. Securities and Exchange Commission.
By mid-day Thursday, Goodrich Petroleum (OTC: GDPM) was trading at 6-cents. Also, this week, Penn Virginia Corp. and SandRidge Energy Inc. fell victim to the rule, losing their places on the exchange. Penn Virginia (OTC: PVAH) was trading at 8-cents per share, and SandRidge (OTC: SDOC) shares were priced at 6-cents.
Other energy companies still trading on the NYSE for less than $1 each included shares of Halcón Resources Corp. (NYSE: HK) at 60-cents and Energy XXI Ltd. (Nasdaq: EXXI) shares for 71-cents.
The dismantling of oil prices during the last year, but especially in recent months, has pummeled exploration and production (E&P) companies. Bankers and analysts alike have suggested many of them will be absorbed by large-cap companies, face bankruptcy or dramatic asset sales during the prolonged downturn.
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