Zacks Investment Research upgraded shares of Laredo Petroleum Inc. (NYSE:LPI) from a hold rating to a buy rating in a research note released on Wednesday. They currently have $15.00 target price on the stock.
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. “
Other analysts also recently issued reports about the company. FBR & Co began coverage on Laredo Petroleum in a research note on Tuesday, September 13th. They set an outperform rating and a $14.00 target price for the company. KLR Group increased their price target on shares of Laredo Petroleum from $11.00 to $13.00 and gave the stock a hold rating in a research report on Thursday, September 8th. Raymond James Financial Inc. increased their price target on shares of Laredo Petroleum from $16.00 to $17.00 and gave the stock an outperform rating in a research report on Thursday, September 8th. Seaport Global Securities raised shares of Laredo Petroleum from a sell rating to a neutral rating and increased their price target for the stock from $8.00 to $11.00 in a research report on Tuesday, August 30th. Finally, Williams Capital started coverage on shares of Laredo Petroleum in a research report on Monday, August 29th. They set a hold rating and a $14.00 price target on the stock. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company. Laredo Petroleum currently has a consensus rating of Hold and a consensus price target of $12.79.
Laredo Petroleum (NYSE:LPI) opened at 13.58 on Wednesday. Laredo Petroleum has a 12 month low of $3.90 and a 12 month high of $13.93. The firm’s market cap is $3.03 billion. The company has a 50-day moving average price of $12.41 and a 200 day moving average price of $11.21.
Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by $0.43. Laredo Petroleum had a negative net margin of 391.74% and a positive return on equity of 24.95%. The company earned $146.77 million during the quarter, compared to analyst estimates of $138.30 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. The firm’s revenue for the quarter was down 19.5% on a year-over-year basis. Equities research analysts anticipate that Laredo Petroleum will post $0.47 EPS for the current year.
In other Laredo Petroleum news, VP Patrick J. Curth sold 17,000 shares of Laredo Petroleum stock in a transaction on Monday, August 29th. The shares were sold at an average price of $12.57, for a total transaction of $213,690.00. Following the completion of the sale, the vice president now owns 172,926 shares of the company’s stock, valued at approximately $2,173,679.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.50% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Geduld E E acquired a new stake in Laredo Petroleum during the second quarter valued at about $105,000. Visium Asset Management LP acquired a new stake in Laredo Petroleum during the second quarter valued at about $111,000. Seven Eight Capital LLC acquired a new stake in Laredo Petroleum during the second quarter valued at about $115,000. Jane Street Group LLC acquired a new stake in Laredo Petroleum during the second quarter valued at about $130,000. Finally, IBM Retirement Fund raised its stake in Laredo Petroleum by 8.8% in the second quarter. IBM Retirement Fund now owns 13,548 shares of the company’s stock valued at $142,000 after buying an additional 1,099 shares during the last quarter. 98.78% of the stock is owned by institutional investors and hedge funds.
About Laredo Petroleum
Laredo Petroleum, Inc (Laredo) is an independent energy company 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. The Company’s segments include Exploration and production, and Midstream and marketing.
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