Seaport Global Securities Analysts Cut Earnings Estimates for Laredo Petroleum Inc. (LPI)
Laredo Petroleum Inc. (NYSE:LPI) – Research analysts at Seaport Global Securities lowered their Q3 2016 earnings per share estimates for Laredo Petroleum in a research note issued to investors on Monday. Seaport Global Securities analyst M. Kelly now expects that the firm will post earnings per share of $0.12 for the quarter, down from their previous estimate of $0.13. Seaport Global Securities has a “Neutral” rating and a $11.00 price objective on the stock. Seaport Global Securities also issued estimates for Laredo Petroleum’s FY2016 earnings at $0.48 EPS.
A number of other equities research analysts have also weighed in on LPI. FBR & Co initiated coverage on shares of Laredo Petroleum in a report on Tuesday, September 13th. They issued an “outperform” rating and a $14.00 price objective for the company. KLR Group lifted their target price on shares of Laredo Petroleum from $11.00 to $13.00 and gave the stock a “hold” rating in a research note on Thursday, September 8th. Zacks Investment Research raised shares of Laredo Petroleum from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Wednesday, October 5th. Nomura reaffirmed a “neutral” rating and issued a $11.00 target price (up from $10.00) on shares of Laredo Petroleum in a research note on Tuesday, June 21st. Finally, Barclays PLC lifted their target price on shares of Laredo Petroleum from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Friday, August 5th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $12.61.
Laredo Petroleum (NYSE:LPI) traded up 3.43% on Wednesday, hitting $13.57. 1,334,300 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $12.50 and a 200-day moving average price of $11.42. The stock’s market cap is $3.03 billion. Laredo Petroleum has a 52-week low of $3.90 and a 52-week high of $13.93.
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Laredo Petroleum (NYSE:LPI) last released its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by $0.43. Laredo Petroleum had a negative net margin of 391.74% and a positive return on equity of 24.95%. The business earned $146.77 million during the quarter, compared to the consensus estimate of $138.30 million. During the same period last year, the business posted $0.05 earnings per share. The firm’s quarterly revenue was down 19.5% on a year-over-year basis.
Institutional investors have recently bought and sold shares of the stock. First Quadrant L P CA bought a new position in Laredo Petroleum during the third quarter valued at about $1,725,000. Royal Bank of Canada boosted its position in Laredo Petroleum by 144.4% in the second quarter. Royal Bank of Canada now owns 957,858 shares of the company’s stock valued at $10,037,000 after buying an additional 565,899 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in Laredo Petroleum by 9.9% in the second quarter. Public Employees Retirement System of Ohio now owns 49,625 shares of the company’s stock valued at $520,000 after buying an additional 4,470 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in Laredo Petroleum by 14.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 275,804 shares of the company’s stock valued at $2,891,000 after buying an additional 34,106 shares in the last quarter. Finally, Pine River Capital Management L.P. bought a new position in Laredo Petroleum during the second quarter valued at about $5,940,000. Institutional investors and hedge funds own 98.78% of the company’s stock.
In other Laredo Petroleum news, VP Patrick J. Curth sold 17,000 shares of the company’s stock in a transaction dated 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.
Laredo Petroleum Company Profile
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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