Laredo Petroleum Inc. (LPI) Downgraded to “Underperform” at Credit Suisse Group AG
Laredo Petroleum Inc. (NYSE:LPI) was downgraded by Credit Suisse Group AG from a “neutral” rating to an “underperform” rating in a research note issued to investors on Thursday, The Fly reports.
A number of other equities research analysts have also commented on LPI. FBR & Co assumed coverage on Laredo Petroleum in a research report on Tuesday, September 13th. They set an “outperform” rating and a $14.00 price target on the stock. BMO Capital Markets restated a “hold” rating and set a $12.00 price target on shares of Laredo Petroleum in a research report on Wednesday, June 15th. Zacks Investment Research upgraded Laredo Petroleum from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Friday, June 17th. Deutsche Bank AG reiterated a “hold” rating and issued a $9.00 price objective on shares of Laredo Petroleum in a research report on Thursday, June 16th. Finally, KLR Group increased their price objective on Laredo Petroleum from $11.00 to $13.00 and gave the company a “hold” rating in a research report on Thursday, September 8th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company’s stock. Laredo Petroleum presently has an average rating of “Hold” and a consensus target price of $12.79.
Laredo Petroleum (NYSE:LPI) opened at 13.03 on Thursday. The company’s 50-day moving average price is $12.45 and its 200 day moving average price is $11.24. The firm’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 released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.33) EPS for the quarter, missing the Zacks’ consensus estimate of $0.10 by $0.43. The business had revenue of $146.77 million for the quarter, compared to the consensus estimate of $138.30 million. Laredo Petroleum had a positive return on equity of 24.95% and a negative net margin of 391.74%. The firm’s revenue was down 19.5% on a year-over-year basis. During the same quarter last year, the company earned $0.05 earnings per share. Equities analysts predict that Laredo Petroleum will post $0.47 earnings per share for the current fiscal year.
In other news, VP Patrick J. Curth sold 17,000 shares of the firm’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $12.57, for a total value of $213,690.00. Following the transaction, the vice president now directly owns 172,926 shares in the company, valued at approximately $2,173,679.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of LPI. Capital Fund Management S.A. acquired a new stake in shares of Laredo Petroleum during the second quarter valued at approximately $1,739,000. Bank of Montreal Can acquired a new stake in shares of Laredo Petroleum during the second quarter valued at approximately $10,296,000. CIBC World Markets Inc. acquired a new stake in shares of Laredo Petroleum during the second quarter valued at approximately $178,000. IBM Retirement Fund increased its stake in shares of Laredo Petroleum by 8.8% in the second quarter. IBM Retirement Fund now owns 13,548 shares of the company’s stock valued at $142,000 after buying an additional 1,099 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of Laredo Petroleum during the first quarter valued at approximately $572,000. Institutional investors and hedge funds own 98.78% of the company’s stock.
Laredo Petroleum Company Profile
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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