Laredo Petroleum Inc (LPI) Receives Consensus Rating of “Buy” from Brokerages
Laredo Petroleum Inc (NYSE:LPI) has been assigned an average recommendation of “Buy” from the twenty-three brokerages that are currently covering the stock. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $15.15.
LPI has been the subject of several recent research reports. Zacks Investment Research upgraded Laredo Petroleum from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research report on Thursday, January 26th. Credit Suisse Group AG lifted their price target on Laredo Petroleum from $10.00 to $12.00 and gave the stock an “underperform” rating in a research report on Tuesday, January 31st. FBR & Co dropped their price target on Laredo Petroleum from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, February 15th. KLR Group lifted their price target on Laredo Petroleum from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, February 16th. Finally, Scotiabank reissued a “hold” rating and issued a $14.00 price objective on shares of Laredo Petroleum in a research note on Thursday, February 16th.
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Laredo Petroleum (NYSE:LPI) traded up 1.28% during midday trading on Friday, hitting $12.63. The stock had a trading volume of 2,341,596 shares. Laredo Petroleum has a 1-year low of $9.20 and a 1-year high of $16.47. The stock’s 50-day moving average is $13.03 and its 200-day moving average is $13.78. The company’s market capitalization is $3.02 billion.
Laredo Petroleum (NYSE:LPI) last released its quarterly earnings results on Wednesday, May 3rd. The oil and gas producer reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by $0.01. The company had revenue of $189 million during the quarter, compared to analysts’ expectations of $164.39 million. Laredo Petroleum had a positive return on equity of 123.07% and a negative net margin of 225.04%. The company’s revenue was up 77.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.08 EPS. Equities research analysts forecast that Laredo Petroleum will post $0.54 EPS for the current year.
In related news, VP Patrick J. Curth sold 43,830 shares of the business’s stock in a transaction that occurred on Friday, March 31st. The shares were sold at an average price of $14.41, for a total value of $631,590.30. Following the completion of the transaction, the vice president now owns 232,386 shares of the company’s stock, valued at $3,348,682.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter Kagan sold 163,207 shares of the business’s stock in a transaction that occurred on Friday, March 31st. The stock was sold at an average price of $14.34, for a total transaction of $2,340,388.38. Following the completion of the transaction, the director now directly owns 68,006 shares of the company’s stock, valued at approximately $975,206.04. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio increased its position in shares of Laredo Petroleum by 2.0% in the first quarter. Public Employees Retirement System of Ohio now owns 69,338 shares of the oil and gas producer’s stock worth $1,012,000 after buying an additional 1,327 shares during the period. Point72 Asset Management L.P. increased its position in shares of Laredo Petroleum by 150.2% in the first quarter. Point72 Asset Management L.P. now owns 3,748,400 shares of the oil and gas producer’s stock worth $54,727,000 after buying an additional 2,250,300 shares during the period. TPH Asset Management LLC increased its position in shares of Laredo Petroleum by 25.1% in the first quarter. TPH Asset Management LLC now owns 1,631,543 shares of the oil and gas producer’s stock worth $23,821,000 after buying an additional 327,036 shares during the period. Credit Suisse AG increased its position in shares of Laredo Petroleum by 189.6% in the first quarter. Credit Suisse AG now owns 349,708 shares of the oil and gas producer’s stock worth $5,105,000 after buying an additional 228,946 shares during the period. Finally, Columbia Pacific Advisors LLC increased its position in shares of Laredo Petroleum by 1.9% in the first quarter. Columbia Pacific Advisors LLC now owns 293,950 shares of the oil and gas producer’s stock worth $4,292,000 after buying an additional 5,500 shares during the period.
Laredo Petroleum Company Profile
Laredo Petroleum, Inc (Laredo) is an independent energy company. The Company is 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. It operates through two segments: Exploration and production of oil and natural gas properties, and Midstream and marketing.
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