Laredo Petroleum (NYSE:LPI) Stock Price Down 6.7%

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Laredo Petroleum Inc (NYSE:LPI)’s share price traded down 6.7% during trading on Wednesday . The company traded as low as $2.49 and last traded at $2.52. 4,893,474 shares changed hands during mid-day trading, a decline of 5% from the average session volume of 5,159,625 shares. The stock had previously closed at $2.70.

A number of equities analysts recently commented on the stock. MKM Partners reissued a “neutral” rating and issued a $3.00 price objective (down previously from $5.00) on shares of Laredo Petroleum in a research note on Friday, February 15th. Societe Generale downgraded shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a research note on Friday, February 15th. Williams Capital raised shares of Laredo Petroleum from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $4.00 to $5.50 in a research note on Thursday, May 16th. Zacks Investment Research downgraded shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Finally, Robert W. Baird raised shares of Laredo Petroleum from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $3.00 to $7.00 in a research note on Thursday, May 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $6.94.

The stock has a market capitalization of $602.79 million, a PE ratio of 2.71 and a beta of 1.46. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.85 and a quick ratio of 0.85.

Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas producer reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The business had revenue of $208.95 million for the quarter, compared to the consensus estimate of $198.64 million. Laredo Petroleum had a return on equity of 17.30% and a net margin of 21.68%. The business’s quarterly revenue was down 19.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.24 earnings per share. Research analysts predict that Laredo Petroleum Inc will post 0.75 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the company. Pearl River Capital LLC acquired a new position in shares of Laredo Petroleum during the fourth quarter worth $35,000. Pitcairn Co. acquired a new position in shares of Laredo Petroleum in the 4th quarter valued at $42,000. Cornerstone Investment Partners LLC acquired a new position in shares of Laredo Petroleum in the 1st quarter valued at $51,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Laredo Petroleum in the 1st quarter valued at $57,000. Finally, Oregon Public Employees Retirement Fund acquired a new position in shares of Laredo Petroleum in the 4th quarter valued at $58,000. 96.53% of the stock is currently owned by institutional investors and hedge funds.

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Laredo Petroleum Company Profile (NYSE:LPI)

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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