Zacks: Analysts Expect Laredo Petroleum, Inc. (LPI) Will Announce Quarterly Sales of $195.68 Million

Brokerages expect Laredo Petroleum, Inc. (NYSE:LPI) to post sales of $195.68 million for the current quarter, Zacks reports. Eight analysts have made estimates for Laredo Petroleum’s earnings, with the highest sales estimate coming in at $246.31 million and the lowest estimate coming in at $153.00 million. Laredo Petroleum reported sales of $184.31 million in the same quarter last year, which indicates a positive year-over-year growth rate of 6.2%. The business is expected to announce its next quarterly earnings results on Wednesday, February 21st.

According to Zacks, analysts expect that Laredo Petroleum will report full year sales of $195.68 million for the current financial year, with estimates ranging from $634.00 million to $864.31 million. For the next year, analysts anticipate that the firm will post sales of $819.46 million per share, with estimates ranging from $579.20 million to $1.08 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Laredo Petroleum.

Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings results on Wednesday, November 1st. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.01). The firm had revenue of $205.82 million for the quarter, compared to analyst estimates of $178.48 million. Laredo Petroleum had a return on equity of 49.15% and a net margin of 16.73%. The business’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.12 EPS.

Several research analysts recently issued reports on LPI shares. BMO Capital Markets set a $14.00 price target on shares of Laredo Petroleum and gave the stock a “hold” rating in a research note on Tuesday, October 10th. Zacks Investment Research upgraded shares of Laredo Petroleum from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research note on Tuesday, October 17th. Cowen and Company set a $12.00 price target on shares of Laredo Petroleum and gave the stock a “hold” rating in a research note on Tuesday, July 18th. BidaskClub upgraded shares of Laredo Petroleum from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $17.00 price target on shares of Laredo Petroleum in a research note on Wednesday, October 4th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $14.45.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings 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 valued at $169,197,000 after acquiring an additional 1,176,608 shares during the last quarter. BlackRock Inc. boosted its holdings 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 valued at $110,946,000 after acquiring an additional 7,306,738 shares during the last quarter. State Street Corp boosted its holdings 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 valued at $61,121,000 after acquiring an additional 799,073 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Laredo Petroleum by 36.8% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 3,886,100 shares of the oil and gas producer’s stock valued at $50,247,000 after acquiring an additional 1,044,525 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Laredo Petroleum by 69.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,082,481 shares of the oil and gas producer’s stock valued at $32,428,000 after acquiring an additional 1,263,202 shares during the last quarter.

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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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