Credit Suisse Group AG downgraded shares of Laredo Petroleum Inc. (NYSE:LPI) from a neutral rating to an underperform rating in a report published on Thursday morning. The firm currently has $9.00 price objective on the stock.
A number of other equities analysts have also recently issued reports on the stock. Barclays PLC assumed coverage on shares of Laredo Petroleum in a report on Tuesday, June 21st. They issued an overweight rating and a $14.00 target price on the stock. Zacks Investment Research raised shares of Laredo Petroleum from a hold rating to a buy rating and set a $12.00 target price on the stock in a report on Friday, June 17th. KLR Group raised their target price on shares of Laredo Petroleum from $11.00 to $13.00 and gave the stock a hold rating in a report on Thursday, September 8th. FBR & Co assumed coverage on shares of Laredo Petroleum in a report on Tuesday, September 13th. They issued an outperform rating and a $14.00 target price on the stock. Finally, BMO Capital Markets reissued a hold rating and issued a $12.00 target price on shares of Laredo Petroleum in a report on Wednesday, June 15th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the stock. Laredo Petroleum presently has a consensus rating of Hold and a consensus target price of $12.61.
Shares of Laredo Petroleum (NYSE:LPI) opened at 13.31 on Thursday. The firm’s market cap is $2.97 billion. The company has a 50 day moving average price of $12.49 and a 200-day moving average price of $11.38. Laredo Petroleum has a 12-month low of $3.90 and a 12-month high of $13.93.
Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.33) EPS for the quarter, missing the consensus estimate of $0.10 by $0.43. Laredo Petroleum had a positive return on equity of 24.95% and a negative net margin of 391.74%. The company had revenue of $146.77 million for the quarter, compared to the consensus estimate of $138.30 million. During the same period in the previous year, the business posted $0.05 EPS. The business’s revenue for the quarter was down 19.5% on a year-over-year basis. Analysts expect 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 that occurred on Monday, August 29th. The shares were sold at an average price of $12.57, for a total value of $213,690.00. Following the transaction, the vice president now owns 172,926 shares in the company, valued at $2,173,679.82. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.50% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of LPI. Geduld E E acquired a new position in Laredo Petroleum during the second quarter valued at about $105,000. Visium Asset Management LP acquired a new position in Laredo Petroleum during the second quarter valued at about $111,000. Seven Eight Capital LLC acquired a new position in Laredo Petroleum during the second quarter valued at about $115,000. Jane Street Group LLC acquired a new position in Laredo Petroleum during the second quarter valued at about $130,000. Finally, IBM Retirement Fund raised its position 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 period. Hedge funds and other institutional investors own 98.78% of the company’s stock.
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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