Zacks Investment Research downgraded shares of Laredo Petroleum, Inc. (NYSE:LPI) from a hold rating to a sell rating in a research note issued to investors on Tuesday, July 18th.
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. “
A number of other research firms have also recently weighed in on LPI. Credit Suisse Group reaffirmed an underperform rating and set a $15.00 target price on shares of Laredo Petroleum in a research note on Friday, June 2nd. UBS AG started coverage on shares of Laredo Petroleum in a report on Thursday, March 23rd. They set a neutral rating and a $14.00 price target on the stock. BidaskClub lowered shares of Laredo Petroleum from a sell rating to a strong sell rating in a report on Wednesday, June 21st. Scotiabank set a $15.00 price target on shares of Laredo Petroleum and gave the stock a hold rating in a report on Monday, March 27th. Finally, BMO Capital Markets reiterated a hold rating and set a $10.00 price target on shares of Laredo Petroleum in a report on Tuesday, June 27th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. Laredo Petroleum has an average rating of Hold and an average price target of $14.63.
Laredo Petroleum (LPI) opened at 12.34 on Tuesday. Laredo Petroleum has a 12-month low of $9.57 and a 12-month high of $16.47. The stock has a 50 day moving average price of $11.56 and a 200-day moving average price of $12.73. The stock has a market capitalization of $2.95 billion, a P/E ratio of 24.93 and a beta of 1.41.
Laredo Petroleum (NYSE:LPI) last posted its 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 company had revenue of $187 million for the quarter, compared to the consensus estimate of $173.32 million. Laredo Petroleum had a return on equity of 49.15% and a net margin of 16.73%. The business’s quarterly revenue was up 27.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 EPS. Equities research analysts expect that Laredo Petroleum will post $0.50 EPS for the current year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in LPI. Two Sigma Securities LLC bought a new position in Laredo Petroleum during the first quarter worth $514,000. Norges Bank bought a new position in Laredo Petroleum during the fourth quarter worth $25,204,000. Glen Harbor Capital Management LLC bought a new position in Laredo Petroleum during the first quarter worth $122,000. IBM Retirement Fund increased its position in Laredo Petroleum by 313.5% in the first quarter. IBM Retirement Fund now owns 48,048 shares of the oil and gas producer’s stock worth $702,000 after buying an additional 36,429 shares in the last quarter. Finally, Credit Suisse AG increased its position in Laredo Petroleum by 189.6% in the first quarter. Credit Suisse AG now owns 349,708 shares of the oil and gas producer’s stock worth $5,105,000 after buying an additional 228,946 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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