Canaccord Genuity Lowers Laredo Petroleum to Hold (LPI)
Laredo Petroleum (NYSE:LPI) was downgraded by investment analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports.
Shares of Laredo Petroleum (NYSE:LPI) opened at 23.47 on Wednesday. Laredo Petroleum has a one year low of $22.58 and a one year high of $34.60. The stock has a 50-day moving average of $26.51 and a 200-day moving average of $27.31. The company has a market cap of $3.318 billion and a price-to-earnings ratio of 52.48.
Laredo Petroleum (NYSE:LPI) last announced its earnings results on Thursday, August 7th. The company reported $0.14 earnings per share for the quarter, missing the analysts’ 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. Laredo Petroleum’s revenue was up 3.2% compared to the same quarter last year. On average, analysts predict that Laredo Petroleum will post $0.93 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Global Hunter Securities cut their price target on shares of Laredo Petroleum from $44.00 to $41.00 in a research note on Tuesday, August 12th. Separately, analysts at Stephens downgraded shares of Laredo Petroleum from an “overweight” rating to an “equal weight” rating in a research note on Monday, August 11th. They now have a $29.00 price target on the stock, down previously from $35.00. Finally, analysts at KLR Group raised their price target on shares of Laredo Petroleum from $2.00 to $27.00 in a research note on Friday, August 8th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $33.06.
In other Laredo Petroleum news, Director L F. Rooney III bought 20,882 shares of Laredo Petroleum stock in a transaction dated Thursday, August 14th. The stock was purchased at an average cost of $23.50 per share, with a total value of $490,727.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link.
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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