Laredo Petroleum Now Covered by GMP Securities (LPI)
Investment analysts at GMP Securities began coverage on shares of Laredo Petroleum (NYSE:LPI) in a note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $37.00 price target on the stock. GMP Securities’ price objective would indicate a potential upside of 20.44% from the stock’s previous close.
In other Laredo Petroleum news, CEO Randy A. Foutch sold 70,000 shares of Laredo Petroleum stock on the open market in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $28.93, for a total transaction of $2,025,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of Laredo Petroleum (NYSE:LPI) opened at 30.80 on Tuesday. Laredo Petroleum has a 52-week low of $19.65 and a 52-week high of $34.60. The stock has a 50-day moving average of $28.35 and a 200-day moving average of $26.78. The company has a market cap of $4.350 billion and a P/E ratio of 36.23.
Laredo Petroleum (NYSE:LPI) last released its earnings data on Thursday, May 8th. The company reported $0.49 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.14 by $0.35. The company had revenue of $173.20 million for the quarter, compared to the consensus estimate of $169.86 million. Laredo Petroleum’s revenue was up 5.9% compared to the same quarter last year. On average, analysts predict that Laredo Petroleum will post $0.97 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at TheStreet downgraded shares of Laredo Petroleum to a “hold” rating in a research note on Monday. Separately, analysts at KLR Group downgraded shares of Laredo Petroleum from an “accumulate” rating to a “hold” rating in a research note on Tuesday, May 13th. They now have a $29.00 price target on the stock, up previously from $2.00. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $33.95.
Laredo Petroleum, Inc, formerly Laredo Petroleum Holdings, Inc, is focused on the exploration, development and acquisition of oil and natural gas properties primarily in the Permian region of the United States.
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