Bank of America Corporation Boosts Laredo Petroleum, Inc. (LPI) Price Target to $13.00
Laredo Petroleum, Inc. (NYSE:LPI) had its target price raised by analysts at Bank of America Corporation from $11.00 to $13.00 in a note issued to investors on Tuesday. The brokerage currently has an “underperform” rating on the oil and gas producer’s stock. Bank of America Corporation’s price objective would suggest a potential upside of 6.73% from the company’s previous close.
A number of other equities research analysts have also weighed in on the company. Credit Suisse Group restated an “underperform” rating and set a $15.00 price target on shares of Laredo Petroleum in a research note on Friday, June 2nd. Seaport Global Securities downgraded Laredo Petroleum from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $19.00 to $9.00 in a report on Wednesday, June 21st. J P Morgan Chase & Co decreased their target price on Laredo Petroleum from $14.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, May 31st. Scotiabank reaffirmed a “hold” rating and set a $15.00 target price on shares of Laredo Petroleum in a report on Friday, May 5th. Finally, Williams Capital set a $16.00 target price on Laredo Petroleum and gave the stock a “hold” rating in a report on Thursday, May 4th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $14.63.
Laredo Petroleum (LPI) traded down 1.46% during trading on Tuesday, reaching $12.18. 4,661,647 shares of the company’s stock traded hands. The firm’s market cap is $2.91 billion. Laredo Petroleum has a one year low of $9.57 and a one year high of $16.47. The company has a 50 day moving average of $11.23 and a 200 day moving average of $12.79.
Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings results on Monday, August 7th. The oil and gas producer reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.11 by $0.01. Laredo Petroleum had a positive return on equity of 75.64% and a negative net margin of 1.78%. The business had revenue of $187 million for the quarter, compared to analysts’ expectations of $173.32 million. During the same quarter in the previous year, the firm posted $0.13 EPS. Laredo Petroleum’s revenue was up 27.5% on a year-over-year basis. Equities research analysts predict that Laredo Petroleum will post $0.49 EPS for the current year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in LPI. Vanguard Group Inc. increased its position in shares of Laredo Petroleum by 20.9% in the first quarter. Vanguard Group Inc. now owns 14,906,724 shares of the oil and gas producer’s stock worth $217,638,000 after buying an additional 2,578,127 shares during the last quarter. BlackRock Inc. increased its position in shares of Laredo Petroleum by 2,500.3% in the first quarter. BlackRock Inc. now owns 7,598,973 shares of the oil and gas producer’s stock worth $110,946,000 after buying an additional 7,306,738 shares during the last quarter. State Street Corp increased its position in shares of Laredo Petroleum by 0.4% in the first quarter. State Street Corp now owns 5,011,171 shares of the oil and gas producer’s stock worth $73,163,000 after buying an additional 18,750 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Laredo Petroleum by 25.2% in the first quarter. Wellington Management Group LLP now owns 4,311,310 shares of the oil and gas producer’s stock worth $62,944,000 after buying an additional 869,100 shares during the last quarter. Finally, 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 last quarter.
About Laredo Petroleum
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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