Laredo Petroleum Inc. (NYSE:LPI) dropped 2.6% during mid-day trading on Monday . The company traded as low as $12.11 and last traded at $12.55, with a volume of 1,680,944 shares changing hands. The stock had previously closed at $12.89.

LPI has been the subject of a number of analyst reports. Iberia Capital raised shares of Laredo Petroleum from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $8.00 to $14.00 in a report on Tuesday, June 14th. Nomura reissued a “neutral” rating and issued a $11.00 price objective (up previously from $10.00) on shares of Laredo Petroleum in a report on Tuesday, June 21st. Topeka Capital Markets dropped their price objective on shares of Laredo Petroleum from $14.00 to $9.00 and set a “buy” rating for the company in a report on Thursday, May 5th. Deutsche Bank AG reissued a “hold” rating and issued a $9.00 price objective on shares of Laredo Petroleum in a report on Thursday, June 16th. Finally, Zacks Investment Research lowered shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a report on Thursday, August 11th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $11.24.

The firm has a 50 day moving average price of $10.74 and a 200-day moving average price of $9.68. The company’s market cap is $2.80 billion.

Laredo Petroleum (NYSE:LPI) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.10 by $0.43. The business earned $146.77 million during the quarter, compared to the consensus estimate of $138.30 million. The firm’s quarterly revenue was down 19.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.05 earnings per share. Equities analysts expect that Laredo Petroleum Inc. will post $0.47 EPS for the current year.

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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