SunTrust Downgrades Laredo Petroleum to Neutral (LPI)
Laredo Petroleum (NYSE:LPI) was downgraded by equities research analysts at SunTrust from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, TheFlyOnTheWall.com reports. They currently have a $25.00 target price on the stock, down from their previous target price of $40.00. SunTrust’s price target indicates a potential upside of 1.96% from the stock’s previous close.
Shares of Laredo Petroleum (NYSE:LPI) traded up 1.70% during mid-day trading on Friday, hitting $24.52. The stock had a trading volume of 3,867,256 shares. Laredo Petroleum has a one year low of $22.65 and a one year high of $34.60. The stock’s 50-day moving average is $28.74 and its 200-day moving average is $27.41. The company has a market cap of $3.524 billion and a P/E ratio of 54.92.
Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by $0.04. The company had revenue of $183.00 million for the quarter, compared to the consensus estimate of $190.23 million. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. Analysts expect that Laredo Petroleum will post $0.97 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Brean Capital raised their price target on shares of Laredo Petroleum from $36.00 to $38.00 in a research note on Monday, July 21st. They now have a “buy” rating on the stock. Separately, analysts at Canaccord Genuity initiated coverage on shares of Laredo Petroleum in a research note on Tuesday, July 1st. They set a “buy” rating and a $36.00 price target on the stock. Finally, analysts at GMP Securities initiated coverage on shares of Laredo Petroleum in a research note on Tuesday, June 24th. They set a “buy” rating and a $37.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Laredo Petroleum presently has a consensus rating of “Buy” and an average target price of $32.94.
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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