Laredo Petroleum, Inc. (NYSE:LPI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Laredo Petroleum Holdings, Inc. is engaged in the exploration, development and acquisition of oil and natural gas properties in the Permian and Mid-Continent regions of the United States. Laredo Petroleum Holdings, Inc. is headquartered in Tulsa, Oklahoma. “
Other analysts have also issued reports about the company. Barclays PLC reissued a “buy” rating and set a $18.00 target price (down from $19.00) on shares of Laredo Petroleum in a report on Thursday, April 20th. Stifel Nicolaus started coverage on Laredo Petroleum in a report on Wednesday, April 12th. They set a “buy” rating and a $18.00 target price on the stock. Seaport Global Securities raised Laredo Petroleum from a “neutral” rating to a “buy” rating in a report on Friday, March 31st. FBR & Co reissued a “buy” rating and set a $16.00 target price on shares of Laredo Petroleum in a report on Friday, May 12th. Finally, TheStreet raised Laredo Petroleum from a “d-” rating to a “c-” rating in a report on Wednesday, May 3rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $15.05.
Laredo Petroleum (NYSE:LPI) opened at 11.11 on Tuesday. The company’s market capitalization is $2.66 billion. Laredo Petroleum has a 12 month low of $9.20 and a 12 month high of $16.47. The company has a 50-day moving average price of $11.56 and a 200 day moving average price of $13.23.
Laredo Petroleum (NYSE:LPI) last released its earnings results on Wednesday, May 3rd. The oil and gas producer reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by $0.01. The company had revenue of $189 million for the quarter, compared to analyst estimates of $164.39 million. Laredo Petroleum had a positive return on equity of 75.64% and a negative net margin of 1.78%. The business’s revenue for the quarter was up 77.3% compared to the same quarter last year. During the same period last year, the company posted $0.08 earnings per share. On average, equities research analysts forecast that Laredo Petroleum will post $0.55 EPS for the current fiscal year.
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Large investors have recently modified their holdings of the stock. Evanson Asset Management LLC bought a new stake in shares of Laredo Petroleum during the second quarter valued at $108,000. Quantbot Technologies LP bought a new stake in shares of Laredo Petroleum during the first quarter valued at $114,000. Meeder Asset Management Inc. boosted its stake 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 bought a new stake in shares of Laredo Petroleum during the first quarter valued at $122,000. Finally, James Investment Research Inc. bought a new stake in shares of Laredo Petroleum during the first quarter valued at $149,000.
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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