Laredo Petroleum Inc. (LPI) Shares Down 2.5%
Laredo Petroleum Inc. (NYSE:LPI) shares traded down 2.5% during mid-day trading on Thursday . The stock traded as low as $10.24 and last traded at $10.38, with a volume of 1,498,742 shares. The stock had previously closed at $10.65.
A number of research analysts have issued reports on the stock. Imperial Capital assumed coverage on shares of Laredo Petroleum in a report on Thursday, May 26th. They issued an “in-line” rating and a $12.50 target price for the company. Alembic Global Advisors raised shares of Laredo Petroleum from a “neutral” rating to an “overweight” rating and increased their target price for the company from $7.00 to $16.00 in a report on Monday, May 9th. BMO Capital Markets reaffirmed a “hold” rating and issued a $12.00 target price on shares of Laredo Petroleum in a report on Wednesday, June 15th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $9.00 target price on shares of Laredo Petroleum in a report on Thursday, June 16th. Finally, Topeka Capital Markets increased their target price on shares of Laredo Petroleum from $14.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, May 11th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company. Laredo Petroleum currently has a consensus rating of “Hold” and a consensus price target of $13.35.
The stock has a 50 day moving average of $11.41 and a 200-day moving average of $8.96. The stock’s market cap is $2.20 billion.
Laredo Petroleum (NYSE:LPI) last released its quarterly earnings results on Wednesday, May 4th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.02. The firm had revenue of $106.55 million for the quarter, compared to analyst estimates of $118.15 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The firm’s revenue was down 29.3% compared to the same quarter last year. On average, analysts expect that Laredo Petroleum Inc. will post $0.39 earnings per share for the current fiscal year.
Other large investors have recently added to or reduced their stakes in the company. Swiss National Bank raised its stake in 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 in the last quarter. California State Teachers Retirement System raised its stake in 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 in the last quarter. New York State Common Retirement Fund raised its stake in 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 in the last quarter. Russell Frank Co raised its stake in 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 in the last quarter. Finally, Sei Investments Co. raised its stake in 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 in the last quarter.
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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