Laredo Petroleum Inc. (LPI) Shares Up 2.5%
Laredo Petroleum Inc. (NYSE:LPI) shares shot up 2.5% during trading on Tuesday . The company traded as high as $12.05 and last traded at $11.82, with a volume of 2,656,823 shares trading hands. The stock had previously closed at $11.53.
Several brokerages recently weighed in on LPI. Imperial Capital began coverage on Laredo Petroleum in a research note on Thursday, May 26th. They set an “in-line” rating and a $12.50 target price for the company. Alembic Global Advisors raised Laredo Petroleum from a “neutral” rating to an “overweight” rating and raised their target price for the company from $7.00 to $16.00 in a research note on Monday, May 9th. Deutsche Bank AG reaffirmed a “hold” rating and set a $9.00 target price on shares of Laredo Petroleum in a research note on Thursday, June 16th. BMO Capital Markets reaffirmed a “hold” rating and set a $12.00 target price on shares of Laredo Petroleum in a research note on Wednesday, June 15th. Finally, Topeka Capital Markets raised their target price on Laredo Petroleum from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, May 11th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $11.24.
The firm has a 50 day moving average price of $10.61 and a 200-day moving average price of $9.62. The stock’s market capitalization is $2.69 billion.
Laredo Petroleum (NYSE:LPI) last released its earnings results on Wednesday, August 3rd. The company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by $0.43. The firm earned $146.77 million during the quarter, compared to the consensus estimate of $138.30 million. The firm’s revenue was down 19.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.05 EPS. On average, analysts anticipate that Laredo Petroleum Inc. will post $0.47 earnings per share for the current fiscal year.
An institutional investor recently raised its position in Laredo Petroleum stock. Swiss National Bank increased its position in shares of Laredo Petroleum Inc. (NYSE:LPI) by 0.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 221,800 shares of the company’s stock after buying an additional 1,900 shares during the period. Swiss National Bank owned approximately 0.10% of Laredo Petroleum worth $1,772,000 as of its most recent SEC filing.
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.