Laredo Petroleum (NYSE:LPI) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Laredo Petroleum (NYSE:LPI) from a buy rating to a hold rating in a report released on Friday morning, Zacks.com reports.

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. “

LPI has been the topic of several other reports. Williams Capital upgraded Laredo Petroleum from a hold rating to a buy rating and lifted their price target for the company from $4.00 to $5.50 in a research report on Thursday, May 16th. Capital One Financial upgraded Laredo Petroleum from an underweight rating to an equal weight rating and set a $7.00 price target on the stock in a research report on Thursday, May 23rd. Finally, Robert W. Baird upgraded Laredo Petroleum from a neutral rating to an outperform rating and lifted their price target for the company from $3.00 to $7.00 in a research report on Thursday, May 9th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. Laredo Petroleum presently has a consensus rating of Hold and an average target price of $6.94.

Shares of LPI stock opened at $2.80 on Friday. The company has a market capitalization of $662.35 million, a PE ratio of 3.01 and a beta of 1.46. Laredo Petroleum has a fifty-two week low of $2.40 and a fifty-two week high of $10.43. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.85 and a current ratio of 0.85.

Laredo Petroleum (NYSE:LPI) last released its quarterly earnings results on Wednesday, May 1st. The oil and gas producer reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.02. Laredo Petroleum had a return on equity of 17.30% and a net margin of 21.68%. The company had revenue of $208.95 million for the quarter, compared to analyst estimates of $198.64 million. During the same period in the previous year, the company posted $0.24 earnings per share. The firm’s revenue was down 19.5% on a year-over-year basis. Research analysts forecast that Laredo Petroleum will post 0.74 earnings per share for the current year.

A number of large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. raised its holdings in shares of Laredo Petroleum by 63.3% during the third quarter. JPMorgan Chase & Co. now owns 176,255 shares of the oil and gas producer’s stock valued at $1,440,000 after acquiring an additional 68,307 shares during the period. Bank of Montreal Can raised its holdings in shares of Laredo Petroleum by 12.3% during the fourth quarter. Bank of Montreal Can now owns 97,897 shares of the oil and gas producer’s stock valued at $354,000 after acquiring an additional 10,714 shares during the period. Arizona State Retirement System raised its holdings in shares of Laredo Petroleum by 5.6% during the fourth quarter. Arizona State Retirement System now owns 234,114 shares of the oil and gas producer’s stock valued at $847,000 after acquiring an additional 12,377 shares during the period. Crossmark Global Holdings Inc. raised its holdings in shares of Laredo Petroleum by 185.9% during the fourth quarter. Crossmark Global Holdings Inc. now owns 41,060 shares of the oil and gas producer’s stock valued at $149,000 after acquiring an additional 26,700 shares during the period. Finally, Rhumbline Advisers raised its holdings in shares of Laredo Petroleum by 21.4% during the fourth quarter. Rhumbline Advisers now owns 445,323 shares of the oil and gas producer’s stock valued at $1,612,000 after acquiring an additional 78,645 shares during the period. Institutional investors and hedge funds own 96.45% of the company’s stock.

About Laredo Petroleum

Laredo Petroleum, Inc, an independent energy company, engages in the acquisition, exploration, and development of oil and natural gas properties in the Permian Basin of West Texas, the United States. The company also provides midstream and marketing services comprising transportation and marketing of oil and natural gas; and natural gas lift systems, crude oil and natural gas gathering, and water delivery and takeaway services.

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