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

Zacks Investment Research downgraded shares of Laredo Petroleum (NYSE:LPI) from a hold rating to a sell rating in a research note published on Saturday, 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. “

Several other equities research analysts have also recently commented on the company. Raymond James cut their price target on Laredo Petroleum from $21.00 to $12.00 and set an outperform rating for the company in a report on Wednesday, October 21st. Scotiabank increased their price target on Laredo Petroleum from $15.00 to $20.00 and gave the company a sector perform rating in a report on Monday, July 13th. Seaport Global Securities assumed coverage on Laredo Petroleum in a report on Monday, July 27th. They issued a buy rating and a $20.00 price target for the company. Wells Fargo & Company reissued a sell rating on shares of Laredo Petroleum in a research note on Friday, October 16th. Finally, ValuEngine cut Laredo Petroleum from a sell rating to a strong sell rating in a research note on Monday, August 3rd. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $37.91.

LPI stock opened at $8.84 on Friday. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 3.35. The firm has a 50-day moving average of $10.03 and a two-hundred day moving average of $14.01. Laredo Petroleum has a 12 month low of $6.60 and a 12 month high of $61.00. The company has a market cap of $106.05 million, a price-to-earnings ratio of -0.13 and a beta of 4.54.

Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.91. Laredo Petroleum had a positive return on equity of 17.17% and a negative net margin of 112.30%. The business had revenue of $110.59 million during the quarter, compared to analyst estimates of $184.59 million. As a group, equities analysts forecast that Laredo Petroleum will post 10.56 earnings per share for the current year.

Large investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC increased its holdings in Laredo Petroleum by 12.7% during the 2nd quarter. Jane Street Group LLC now owns 66,038 shares of the oil and gas producer’s stock worth $915,000 after purchasing an additional 7,426 shares during the period. Cerebellum GP LLC purchased a new stake in Laredo Petroleum during the 2nd quarter worth about $80,000. Legal & General Group Plc increased its holdings in Laredo Petroleum by 2.7% during the 1st quarter. Legal & General Group Plc now owns 509,498 shares of the oil and gas producer’s stock worth $193,000 after purchasing an additional 13,407 shares during the period. Creative Planning purchased a new stake in Laredo Petroleum during the 2nd quarter worth about $208,000. Finally, Bridgeway Capital Management Inc. purchased a new stake in Laredo Petroleum during the 2nd quarter worth about $308,000. Hedge funds and other institutional investors own 71.62% of the company’s stock.

Laredo Petroleum Company Profile

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 engages in midstream and marketing infrastructure activities, including transportation and marketing of oil and natural gas, and handling of fresh, recycled, and produced water, as well as operates natural gas lift facilities.

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