Laredo Petroleum (NYSE:LPI) Reaches New 1-Year Low at $2.46

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Laredo Petroleum Inc (NYSE:LPI) shares reached a new 52-week low on Friday . The stock traded as low as $2.46 and last traded at $2.47, with a volume of 1791571 shares changing hands. The stock had previously closed at $2.63.

Several research analysts have weighed in on the stock. Zacks Investment Research raised shares of Laredo Petroleum from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a report on Thursday, May 9th. Williams Capital raised shares of Laredo Petroleum from a “hold” rating to a “buy” rating and increased their price target for the company from $4.00 to $5.50 in a report on Thursday, May 16th. Capital One Financial raised shares of Laredo Petroleum from an “underweight” rating to an “equal weight” rating and set a $7.00 price target on the stock in a report on Thursday, May 23rd. Robert W. Baird raised shares of Laredo Petroleum from a “neutral” rating to an “outperform” rating and increased their price target for the company from $3.00 to $7.00 in a report on Thursday, May 9th. Finally, Societe Generale cut shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a report on Friday, February 15th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $6.94.

The firm has a market cap of $596.12 million, a price-to-earnings ratio of 2.63 and a beta of 1.46. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.92.

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

Large investors have recently made changes to their positions in the business. Pearl River Capital LLC acquired a new position in shares of Laredo Petroleum during the 4th quarter worth approximately $35,000. Pitcairn Co. acquired a new position in shares of Laredo Petroleum during the 4th quarter worth approximately $42,000. Cornerstone Investment Partners LLC acquired a new position in shares of Laredo Petroleum during the 1st quarter worth approximately $51,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Laredo Petroleum during the 1st quarter worth approximately $57,000. Finally, PNC Financial Services Group Inc. grew its position in shares of Laredo Petroleum by 155.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 18,773 shares of the oil and gas producer’s stock worth $67,000 after purchasing an additional 11,427 shares in the last quarter. Hedge funds and other institutional investors own 96.53% of the company’s stock.

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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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