Laredo Petroleum Holdings Now Covered by Bank of America Corp. (LPI)
Investment analysts at Bank of America Corp. began coverage on shares of Laredo Petroleum Holdings (NYSE:LPI) in a note issued to investors on Wednesday, American Banking & Market News reports. The firm set a “buy” rating and a $34.00 price target on the stock. Bank of America Corp.’s target price points to a potential upside of 18.72% from the stock’s previous close.
The analysts wrote, “Laredo’s first formal Analyst meeting highlighted the strength of an asset base concentrated at the core of the Midland Basin confirmed by some of the most impressive industry well results in the Wolfcamp / Cline shale plays to date. Most of Laredo’s ‘core’ Garden City acreage remains prospective for at least four zones. Alongside a shift to ‘development mode’ that should see capital efficiency improve in coming quarters with the move to pad drilling, we view Laredo amongst the most favorably positioned names in the sector. We resume coverage with a Buy rating and PO of $34.”
Shares of Laredo Petroleum Holdings (NYSE:LPI) traded up 0.03% during mid-day trading on Wednesday, hitting $28.65. The stock had a trading volume of 244,696 shares. Laredo Petroleum Holdings has a 52 week low of $15.78 and a 52 week high of $29.08. The stock’s 50-day moving average is $25.18 and its 200-day moving average is $20.53. The company has a market cap of $3.651 billion and a P/E ratio of 90.35.
Laredo Petroleum Holdings (NYSE:LPI) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.16 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.16. Analysts expect that Laredo Petroleum Holdings will post $0.64 EPS for the current fiscal year.
LPI has been the subject of a number of other recent research reports. Analysts at Brean Capital raised their price target on shares of Laredo Petroleum Holdings (NYSE:LPI) from $27.00 to $30.00 in a research note to investors on Thursday, August 22nd. They now have a “buy” rating on the stock. Separately, analysts at Topeka Capital Markets reiterated a “hold” rating on shares of Laredo Petroleum Holdings (NYSE:LPI) in a research note to investors on Tuesday, August 13th. They now have a $27.00 price target on the stock, up previously from $25.00. Finally, analysts at SunTrust raised their price target on shares of Laredo Petroleum Holdings (NYSE:LPI) from $22.00 to $27.00 in a research note to investors on Friday, August 9th.
Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Laredo Petroleum Holdings has an average rating of “Buy” and a consensus price target of $29.22.
In other Laredo Petroleum Holdings news, Insider Jerry R. Schuyler unloaded 7,000 shares of Laredo Petroleum Holdings stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $26.76, for a total transaction of $187,320.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Laredo Petroleum Holdings, Inc (NYSE:LPI) is an independent energy company focused on the exploration, development and acquisition of oil and natural gas in the Permian and Mid-Continent regions of the United States.
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