Laredo Petroleum (NYSE:LPI) Rating Lowered to Sell at Zacks Investment Research

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Laredo Petroleum (NYSE:LPI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday, Zacks.com reports.

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. “

LPI has been the topic of a number of other reports. MKM Partners upgraded Laredo Petroleum from a “neutral” rating to a “buy” rating and set a $2.00 price target on the stock in a report on Friday, March 20th. Siebert Williams Shank restated a “hold” rating on shares of Laredo Petroleum in a report on Thursday, February 13th. Williams Capital restated a “buy” rating and set a $4.50 price target on shares of Laredo Petroleum in a report on Tuesday, December 10th. Raymond James cut Laredo Petroleum from an “outperform” rating to a “market perform” rating in a report on Monday, March 9th. Finally, Stifel Nicolaus increased their price target on Laredo Petroleum from $5.50 to $5.60 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $3.99.

Shares of LPI stock opened at $0.40 on Friday. The business’s 50 day simple moving average is $1.01 and its 200 day simple moving average is $2.08. Laredo Petroleum has a one year low of $0.36 and a one year high of $3.66. The stock has a market capitalization of $96.59 million, a PE ratio of -0.27 and a beta of 1.99. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.17 and a quick ratio of 1.17.

Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings results on Wednesday, February 12th. The oil and gas producer reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The business had revenue of $218.12 million for the quarter, compared to the consensus estimate of $208.02 million. Laredo Petroleum had a positive return on equity of 15.51% and a negative net margin of 40.90%. Laredo Petroleum’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.16 earnings per share. As a group, research analysts expect that Laredo Petroleum will post 0.58 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of LPI. Millennium Management LLC lifted its holdings in shares of Laredo Petroleum by 309.8% in the 3rd quarter. Millennium Management LLC now owns 5,171,889 shares of the oil and gas producer’s stock worth $12,464,000 after purchasing an additional 3,909,877 shares in the last quarter. Norges Bank bought a new position in shares of Laredo Petroleum in the 4th quarter worth $9,206,000. Schroder Investment Management Group lifted its holdings in shares of Laredo Petroleum by 588.4% in the 4th quarter. Schroder Investment Management Group now owns 2,771,600 shares of the oil and gas producer’s stock worth $7,955,000 after purchasing an additional 2,369,000 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Laredo Petroleum in the 4th quarter worth $6,633,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Laredo Petroleum by 45.4% in the 4th quarter. Renaissance Technologies LLC now owns 6,592,150 shares of the oil and gas producer’s stock worth $18,919,000 after purchasing an additional 2,059,650 shares in the last quarter. Institutional investors own 96.63% of the company’s stock.

Laredo Petroleum Company Profile

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.

Further Reading: How to interpret a stock’s beta number

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Analyst Recommendations for Laredo Petroleum (NYSE:LPI)

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