Laredo Petroleum, Inc. (LPI) Expected to Post Quarterly Sales of $176.94 Million
Wall Street brokerages expect that Laredo Petroleum, Inc. (NYSE:LPI) will post $176.94 million in sales for the current fiscal quarter, Zacks Investment Research reports. Nine analysts have provided estimates for Laredo Petroleum’s earnings, with the lowest sales estimate coming in at $142.50 million and the highest estimate coming in at $219.30 million. Laredo Petroleum posted sales of $159.73 million in the same quarter last year, which would indicate a positive year over year growth rate of 10.8%. The business is scheduled to report its next quarterly earnings report on Wednesday, November 1st.
According to Zacks, analysts expect that Laredo Petroleum will report full year sales of $176.94 million for the current year, with estimates ranging from $634.00 million to $856.60 million. For the next year, analysts expect that the firm will post sales of $794.61 million per share, with estimates ranging from $501.10 million to $1.07 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Laredo Petroleum.
Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings data on Monday, August 7th. The oil and gas producer reported $0.10 EPS for the quarter, missing the Zacks’ consensus estimate of $0.11 by $0.01. Laredo Petroleum had a net margin of 16.73% and a return on equity of 49.15%. The firm had revenue of $187 million during the quarter, compared to analyst estimates of $173.32 million. During the same quarter in the previous year, the business earned $0.13 EPS. Laredo Petroleum’s revenue for the quarter was up 27.5% on a year-over-year basis.
Several analysts recently commented on the stock. Zacks Investment Research lowered shares of Laredo Petroleum from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. BMO Capital Markets set a $14.00 price target on shares of Laredo Petroleum and gave the company a “hold” rating in a report on Sunday. BidaskClub upgraded shares of Laredo Petroleum from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. J P Morgan Chase & Co dropped their price objective on shares of Laredo Petroleum from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 31st. Finally, Bank of America Corporation started coverage on shares of Laredo Petroleum in a research note on Wednesday, July 19th. They issued an “underperform” rating and a $11.00 price objective on the stock. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. Laredo Petroleum presently has a consensus rating of “Hold” and a consensus target price of $14.87.
Large investors have recently bought and sold shares of the company. Quantbot Technologies LP purchased a new stake in Laredo Petroleum during the first quarter valued at $114,000. Meeder Asset Management Inc. increased its position in shares of Laredo Petroleum by 282.5% in the first quarter. Meeder Asset Management Inc. now owns 8,093 shares of the oil and gas producer’s stock valued at $118,000 after buying an additional 5,977 shares during the last quarter. Glen Harbor Capital Management LLC acquired a new position in shares of Laredo Petroleum during the first quarter valued at approximately $122,000. James Investment Research Inc. acquired a new position in shares of Laredo Petroleum during the first quarter valued at approximately $149,000. Finally, Tiedemann Wealth Management LLC acquired a new position in shares of Laredo Petroleum during the first quarter valued at approximately $150,000.
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Laredo Petroleum (NYSE:LPI) traded up 1.01% during midday trading on Thursday, hitting $11.96. 186,013 shares of the stock were exchanged. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 24.16 and a beta of 1.41. The firm’s 50-day moving average is $11.74 and its 200 day moving average is $12.68. Laredo Petroleum has a 52 week low of $9.57 and a 52 week high of $16.47.
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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