Laredo Petroleum Inc. (LPI) Stock Rating Upgraded by Zacks Investment Research
Laredo Petroleum Inc. (NYSE:LPI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $15.00 target price on the stock. Zacks Investment Research’s price target indicates a potential upside of 15.12% from the company’s previous close.
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. “
A number of other analysts also recently issued reports on LPI. FBR & Co assumed coverage on shares of Laredo Petroleum in a report on Tuesday, September 13th. They issued an “outperform” rating and a $14.00 price objective for the company. BMO Capital Markets reissued a “hold” rating and issued a $12.00 price objective on shares of Laredo Petroleum in a report on Wednesday, June 15th. 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. KLR Group boosted their price objective on shares of Laredo Petroleum from $11.00 to $13.00 and gave the company a “hold” rating in a report on Thursday, September 8th. Finally, Iberia Capital raised shares of Laredo Petroleum from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $8.00 to $14.00 in a report on Tuesday, June 14th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company. Laredo Petroleum presently has a consensus rating of “Hold” and an average target price of $12.79.
Laredo Petroleum (NYSE:LPI) opened at 13.03 on Wednesday. The firm has a 50-day moving average of $12.29 and a 200-day moving average of $11.06. The company’s market capitalization is $2.91 billion. Laredo Petroleum has a 52 week low of $3.90 and a 52 week high of $14.19.
Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings data 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. Laredo Petroleum had a negative net margin of 391.74% and a positive return on equity of 24.95%. The business’s revenue for the quarter was down 19.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.05 EPS. Equities analysts expect that Laredo Petroleum will post $0.47 earnings per share for the current fiscal year.
In other Laredo Petroleum news, VP Patrick J. Curth sold 17,000 shares of the company’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $12.57, for a total value of $213,690.00. Following the completion of the transaction, the vice president now directly owns 172,926 shares in the company, valued at approximately $2,173,679.82. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.50% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. BlackRock Institutional Trust Company N.A. boosted its position in shares of Laredo Petroleum by 5.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,302,713 shares of the company’s stock valued at $26,191,000 after buying an additional 171,224 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Laredo Petroleum during the first quarter valued at about $572,000. Oxford Asset Management acquired a new position in shares of Laredo Petroleum during the second quarter valued at about $3,635,000. Goldman Sachs Group Inc. boosted its position in shares of Laredo Petroleum by 138.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,021,440 shares of the company’s stock valued at $8,100,000 after buying an additional 592,333 shares during the period. Finally, Commonwealth Equity Services Inc boosted its position in shares of Laredo Petroleum by 1.0% in the second quarter. Commonwealth Equity Services Inc now owns 99,172 shares of the company’s stock valued at $1,039,000 after buying an additional 1,000 shares during the period. Hedge funds and other institutional investors own 98.78% of the company’s stock.
About Laredo Petroleum
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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