$269.26 Million in Sales Expected for Laredo Petroleum Inc (LPI) This Quarter

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Equities research analysts forecast that Laredo Petroleum Inc (NYSE:LPI) will report sales of $269.26 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for Laredo Petroleum’s earnings, with the lowest sales estimate coming in at $219.20 million and the highest estimate coming in at $364.92 million. Laredo Petroleum reported sales of $205.82 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 30.8%. The firm is scheduled to announce its next earnings results after the market closes on Monday, November 5th.

According to Zacks, analysts expect that Laredo Petroleum will report full-year sales of $1.08 billion for the current fiscal year, with estimates ranging from $822.00 million to $1.35 billion. For the next financial year, analysts anticipate that the company will report sales of $1.16 billion, with estimates ranging from $952.47 million to $1.61 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Laredo Petroleum.

Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings data on Wednesday, August 1st. The oil and gas producer reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.04). Laredo Petroleum had a return on equity of 25.80% and a net margin of 51.05%. The company had revenue of $351.05 million for the quarter, compared to analysts’ expectations of $225.75 million. During the same quarter in the prior year, the firm posted $0.10 EPS. The firm’s quarterly revenue was up 87.7% compared to the same quarter last year.

Several research firms recently commented on LPI. Bank of America reduced their price target on shares of Laredo Petroleum from $12.00 to $11.00 and set an “underperform” rating for the company in a research report on Thursday, August 2nd. Piper Jaffray Companies set a $14.00 price target on shares of Laredo Petroleum and gave the company a “buy” rating in a research report on Sunday, August 5th. Finally, Williams Capital reiterated a “hold” rating and issued a $10.00 price target on shares of Laredo Petroleum in a research report on Tuesday, August 21st. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $12.43.

In other Laredo Petroleum news, Director Peter Kagan sold 12,300,000 shares of the business’s stock in a transaction on Thursday, September 27th. The shares were sold at an average price of $8.08, for a total value of $99,384,000.00. Following the transaction, the director now directly owns 115,107 shares of the company’s stock, valued at approximately $930,064.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Pincus Private Equity Warburg sold 14,200,000 shares of the business’s stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $7.42, for a total transaction of $105,364,000.00. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Louisiana State Employees Retirement System acquired a new position in shares of Laredo Petroleum during the 3rd quarter worth $551,000. First Hawaiian Bank acquired a new position in shares of Laredo Petroleum during the 3rd quarter worth $120,000. State of Alaska Department of Revenue acquired a new position in shares of Laredo Petroleum during the 3rd quarter worth $404,000. Northern Trust Corp grew its stake in shares of Laredo Petroleum by 131.5% during the 2nd quarter. Northern Trust Corp now owns 1,793,601 shares of the oil and gas producer’s stock worth $17,254,000 after purchasing an additional 1,018,976 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Laredo Petroleum by 23.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,278,477 shares of the oil and gas producer’s stock worth $12,300,000 after purchasing an additional 243,977 shares during the period.

LPI stock traded up $0.02 on Friday, hitting $6.05. The company’s stock had a trading volume of 4,751,800 shares, compared to its average volume of 4,262,851. Laredo Petroleum has a 1 year low of $5.97 and a 1 year high of $12.50. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 10.30, a price-to-earnings-growth ratio of 1.13 and a beta of 1.21. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.60 and a quick ratio of 0.60.

About Laredo Petroleum

Laredo Petroleum, Inc operates as an independent energy company in the United States. It operates through two segments, Exploration and Production; and Midstream and Marketing. The company engages in the acquisition, exploration, and development of oil and natural gas properties; and the transportation of oil and natural gas primarily in the Permian Basin in West Texas, as well as rig fuel, natural gas lift, and water delivery and takeaway services.

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