Laredo Petroleum Inc. (LPI) Trading Down 4.8%
Shares of Laredo Petroleum Inc. (NYSE:LPI) traded down 4.8% on Tuesday . The company traded as low as $9.86 and last traded at $9.95, with a volume of 4,348,640 shares. The stock had previously closed at $10.45.
A number of analysts have weighed in on the company. Barclays PLC assumed coverage on Laredo Petroleum in a report on Tuesday, June 21st. They set an “overweight” rating and a $14.00 target price for the company. Zacks Investment Research upgraded Laredo Petroleum from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a report on Friday, June 17th. Cowen and Company lowered Laredo Petroleum from an “outperform” rating to a “market perform” rating and upped their target price for the stock from $7.00 to $8.00 in a report on Monday, April 18th. Seaport Global Securities lowered Laredo Petroleum from a “neutral” rating to a “sell” rating and set a $5.00 target price for the company. in a report on Thursday, March 31st. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $9.00 price target (up from $6.00) on shares of Laredo Petroleum in a research report on Wednesday, March 23rd. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $13.35.
The company’s market cap is $2.10 billion. The firm’s 50-day moving average price is $11.24 and its 200 day moving average price is $9.11.
Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings results on Wednesday, May 4th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. During the same period last year, the firm earned $0.03 earnings per share. The company earned $106.55 million during the quarter, compared to analysts’ expectations of $118.15 million. Laredo Petroleum’s revenue was down 29.3% on a year-over-year basis. On average, equities research analysts anticipate that Laredo Petroleum Inc. will post $0.41 earnings per share for the current fiscal year.
A number of large investors recently made changes to their positions in the stock. Swiss National Bank boosted its stake in shares of Laredo Petroleum by 0.9% in the fourth quarter. Swiss National Bank now owns 221,800 shares of the company’s stock worth $1,772,000 after buying an additional 1,900 shares during the period. California State Teachers Retirement System boosted its stake in shares of Laredo Petroleum by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 235,481 shares of the company’s stock worth $1,881,000 after buying an additional 3,692 shares during the period. New York State Common Retirement Fund boosted its stake in shares of Laredo Petroleum by 1.3% in the fourth quarter. New York State Common Retirement Fund now owns 875,429 shares of the company’s stock worth $6,995,000 after buying an additional 11,045 shares during the period. Russell Frank Co boosted its stake in shares of Laredo Petroleum by 215.5% in the fourth quarter. Russell Frank Co now owns 147,781 shares of the company’s stock worth $1,160,000 after buying an additional 100,943 shares during the period. Finally, Sei Investments Co. boosted its stake in shares of Laredo Petroleum by 165,856.5% in the fourth quarter. Sei Investments Co. now owns 267,190 shares of the company’s stock worth $2,134,000 after buying an additional 267,029 shares during the period.
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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