Williams Capital restated their hold rating on shares of Laredo Petroleum (NYSE:LPI) in a research note released on Thursday. The brokerage currently has a $11.00 target price on the oil and gas producer’s stock.
“We reaﬃrm our Hold rang, but reduce our price target to $11 (from $13).”,” Williams Capital’s analyst commented.
LPI has been the subject of several other reports. Zacks Investment Research cut shares of Laredo Petroleum from a buy rating to a hold rating in a report on Friday, October 20th. BMO Capital Markets cut their price target on shares of Laredo Petroleum from $14.00 to $11.00 and set a market perform rating for the company in a report on Thursday, November 2nd. National Securities started coverage on shares of Laredo Petroleum in a report on Tuesday, January 16th. They set a buy rating for the company. JPMorgan Chase & Co. cut shares of Laredo Petroleum from a neutral rating to an underweight rating and set a $13.00 price target for the company. in a report on Friday, December 15th. Finally, Stifel Nicolaus set a $15.00 price target on shares of Laredo Petroleum and gave the stock a buy rating in a report on Monday, January 29th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $13.03.
Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings results on Wednesday, February 14th. The oil and gas producer reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. The firm had revenue of $240.34 million during the quarter, compared to analysts’ expectations of $212.57 million. Laredo Petroleum had a net margin of 66.77% and a return on equity of 41.18%. The firm’s revenue for the quarter was up 30.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.16 earnings per share. analysts predict that Laredo Petroleum will post 1 EPS for the current fiscal year.
Laredo Petroleum declared that its Board of Directors has authorized a stock repurchase program on Wednesday, February 14th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the oil and gas producer to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
A number of institutional investors and hedge funds have recently modified their holdings of LPI. Deutsche Bank AG grew its position in Laredo Petroleum by 2,834.0% during the fourth quarter. Deutsche Bank AG now owns 3,431,666 shares of the oil and gas producer’s stock worth $36,406,000 after buying an additional 3,314,704 shares during the period. WS Management Lllp grew its position in Laredo Petroleum by 50.8% during the third quarter. WS Management Lllp now owns 5,934,700 shares of the oil and gas producer’s stock worth $76,736,000 after buying an additional 2,000,000 shares during the period. SailingStone Capital Partners LLC grew its position in Laredo Petroleum by 3.3% during the fourth quarter. SailingStone Capital Partners LLC now owns 39,629,061 shares of the oil and gas producer’s stock worth $420,464,000 after buying an additional 1,251,905 shares during the period. Goldman Sachs Group Inc. grew its position in Laredo Petroleum by 67.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,955,803 shares of the oil and gas producer’s stock worth $31,361,000 after buying an additional 1,194,099 shares during the period. Finally, Vanguard Group Inc. grew its position in Laredo Petroleum by 7.9% during the second quarter. Vanguard Group Inc. now owns 16,083,332 shares of the oil and gas producer’s stock worth $169,197,000 after buying an additional 1,176,608 shares during the period.
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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