Laredo Petroleum Inc. (NYSE:LPI) Receives Average Recommendation of “Hold” from Brokerages
Shares of Laredo Petroleum Inc. (NYSE:LPI) have received an average rating of “Hold” from the twenty-three research firms that are currently covering the firm. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $12.68.
LPI has been the topic of several analyst reports. Imperial Capital started coverage on shares of Laredo Petroleum in a report on Thursday, May 26th. They set an “in-line” rating and a $12.50 price target on the stock. Iberia Capital upgraded shares of Laredo Petroleum from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $8.00 to $14.00 in a research note on Tuesday, June 14th. BMO Capital Markets restated a “hold” rating and issued a $12.00 target price on shares of Laredo Petroleum in a research note on Wednesday, June 15th. Deutsche Bank AG restated a “hold” rating and issued a $9.00 target price on shares of Laredo Petroleum in a research note on Thursday, June 16th. Finally, Zacks Investment Research upgraded shares of Laredo Petroleum from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Friday, June 17th.
Shares of Laredo Petroleum (NYSE:LPI) traded up 3.65% during midday trading on Wednesday, hitting $11.65. 1,174,772 shares of the company traded hands. The company has a 50-day moving average price of $11.97 and a 200-day moving average price of $10.76. Laredo Petroleum has a 52 week low of $3.90 and a 52 week high of $14.19. The stock’s market capitalization is $2.60 billion.
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Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.33) EPS for the quarter, missing the consensus estimate of $0.10 by $0.43. The firm had revenue of $146.77 million for the quarter, compared to the consensus estimate of $138.30 million. Laredo Petroleum had a negative net margin of 391.74% and a positive return on equity of 24.95%. The business’s revenue for the quarter was down 19.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.05 earnings per share. Analysts anticipate that Laredo Petroleum will post $0.47 earnings per share for the current fiscal year.
In other Laredo Petroleum news, VP Patrick J. Curth sold 17,000 shares of the company’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $12.57, for a total transaction of $213,690.00. Following the transaction, the vice president now owns 172,926 shares in the company, valued at approximately $2,173,679.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. CIBC World Markets Inc. acquired a new stake in Laredo Petroleum during the second quarter worth $178,000. IBM Retirement Fund raised its stake in Laredo Petroleum by 8.8% in the second quarter. IBM Retirement Fund now owns 13,548 shares of the company’s stock worth $142,000 after buying an additional 1,099 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Laredo Petroleum during the first quarter worth $572,000. Barclays PLC raised its stake in Laredo Petroleum by 275.8% in the first quarter. Barclays PLC now owns 79,617 shares of the company’s stock worth $558,000 after buying an additional 58,433 shares during the last quarter. Finally, LPL Financial LLC raised its stake in Laredo Petroleum by 94.7% in the first quarter. LPL Financial LLC now owns 37,000 shares of the company’s stock worth $276,000 after buying an additional 18,000 shares during the last quarter. Institutional investors and hedge funds own 98.78% of the company’s stock.
About Laredo Petroleum
Laredo Petroleum, Inc (Laredo) is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, and the transportation of oil and natural gas from such properties primarily in the Permian Basin in West Texas. The Company’s segments include Exploration and production, and Midstream and marketing.
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