Laredo Petroleum’s (LPI) Buy Rating Reiterated at FBR & Co

FBR & Co reissued their buy rating on shares of Laredo Petroleum, Inc. (NYSE:LPI) in a report published on Friday, May 12th, Marketbeat reports. FBR & Co currently has a $16.00 target price on the oil and gas producer’s stock.

“We are updating our model for marked-to-market commodity prices and the latest financial and operations data, including 1Q17 results.”,” the firm’s analyst commented.

LPI has been the topic of a number of other research reports. Zacks Investment Research raised Laredo Petroleum from a hold rating to a buy rating and set a $16.00 price objective on the stock in a report on Thursday, January 26th. SunTrust Banks, Inc. raised Laredo Petroleum from a hold rating to a buy rating in a report on Friday, January 20th. KLR Group raised Laredo Petroleum from an accumulate rating to a buy rating and set a $17.00 price objective on the stock in a report on Friday, January 20th. Tudor Pickering raised Laredo Petroleum from a hold rating to a buy rating in a report on Wednesday, January 18th. Finally, Seaport Global Securities raised Laredo Petroleum from a neutral rating to a buy rating in a report on Friday, March 31st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the stock. The stock has an average rating of Buy and an average price target of $15.52.

Shares of Laredo Petroleum (NYSE:LPI) traded down 1.67% during trading on Friday, hitting $10.63. The stock had a trading volume of 6,285,748 shares. The company’s market cap is $2.54 billion. Laredo Petroleum has a 12 month low of $9.20 and a 12 month high of $16.47. The stock has a 50-day moving average price of $12.12 and a 200 day moving average price of $13.53.

Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings results on Wednesday, May 3rd. The oil and gas producer reported $0.10 earnings per share (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 analyst estimates of $164.39 million. Laredo Petroleum had a negative net margin of 1.78% and a positive return on equity of 75.64%. The business’s revenue was up 77.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.08 EPS. Equities analysts expect that Laredo Petroleum will post $0.55 EPS for the current fiscal year.

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In related news, VP Patrick J. Curth sold 43,830 shares of the company’s stock in a transaction on Friday, March 31st. The shares were sold at an average price of $14.41, for a total transaction of $631,590.30. Following the completion of the sale, the vice president now directly owns 232,386 shares of the company’s stock, valued at approximately $3,348,682.26. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Peter Kagan sold 163,207 shares of the company’s stock in a transaction 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 sale, the director now directly owns 68,006 shares of the company’s stock, valued at $975,206.04. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in 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. Vanguard Group Inc. boosted its position in 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. Point72 Asset Management L.P. boosted its position in 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. Norges Bank purchased a new position in Laredo Petroleum during the fourth quarter worth $25,204,000. Finally, Impala Asset Management LLC boosted its position in Laredo Petroleum by 144.6% in the first quarter. Impala Asset Management LLC now owns 2,955,195 shares of the oil and gas producer’s stock worth $43,146,000 after buying an additional 1,746,915 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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