Laredo Petroleum’s (LPI) Hold Rating Reiterated at Cowen and Company
Laredo Petroleum, Inc. (NYSE:LPI)‘s stock had its “hold” rating reissued by equities researchers at Cowen and Company in a report issued on Sunday. They currently have a $12.00 price target on the oil and gas producer’s stock. Cowen and Company’s target price would indicate a potential downside of 2.36% from the company’s current price.
A number of other brokerages also recently weighed in on LPI. Credit Suisse Group reiterated an “underperform” rating and issued a $15.00 price target on shares of Laredo Petroleum in a research report on Friday, June 2nd. Zacks Investment Research downgraded shares of Laredo Petroleum from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. BidaskClub downgraded shares of Laredo Petroleum from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 21st. BMO Capital Markets reiterated a “hold” rating and issued a $10.00 price target on shares of Laredo Petroleum in a research report on Tuesday, June 27th. Finally, Bank of America Corporation increased their target price on Laredo Petroleum from $11.00 to $13.00 and gave the stock an “underperform” rating in a research note on Tuesday, August 8th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $14.72.
Laredo Petroleum (NYSE:LPI) opened at 12.29 on Friday. The firm has a market cap of $2.94 billion, a PE ratio of 24.83 and a beta of 1.44. The stock has a 50 day moving average of $12.18 and a 200 day moving average of $12.40. Laredo Petroleum has a 52 week low of $9.57 and a 52 week high of $16.47.
Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings results on Monday, August 7th. The oil and gas producer reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.01). The firm had revenue of $187.00 million during the quarter, compared to analyst estimates of $173.32 million. Laredo Petroleum had a net margin of 16.73% and a return on equity of 49.15%. The business’s revenue was up 27.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.13 earnings per share. Analysts anticipate that Laredo Petroleum will post $0.51 EPS for the current year.
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Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Laredo Petroleum by 7.9% during the 2nd quarter. Vanguard Group Inc. now owns 16,083,332 shares of the oil and gas producer’s stock worth $169,197,000 after acquiring an additional 1,176,608 shares in the last quarter. BlackRock Inc. grew its stake in shares of Laredo Petroleum by 2,500.3% during the 1st quarter. BlackRock Inc. now owns 7,598,973 shares of the oil and gas producer’s stock worth $110,946,000 after acquiring an additional 7,306,738 shares in the last quarter. State Street Corp grew its stake in shares of Laredo Petroleum by 15.9% during the 2nd quarter. State Street Corp now owns 5,810,244 shares of the oil and gas producer’s stock worth $61,121,000 after acquiring an additional 799,073 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Laredo Petroleum by 25.2% during the 1st quarter. Wellington Management Group LLP now owns 4,311,310 shares of the oil and gas producer’s stock worth $62,944,000 after acquiring an additional 869,100 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its stake in shares of Laredo Petroleum by 150.2% during the 1st 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 acquiring an additional 2,250,300 shares in the last quarter.
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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