Laredo Petroleum Inc. (LPI) Shares Up 2.5%
Laredo Petroleum Inc. (NYSE:LPI)’s share price shot up 2.5% on Wednesday . The stock traded as high as $13.04 and last traded at $12.88, with a volume of 1,370,939 shares changing hands. The stock had previously closed at $12.57.
Several brokerages recently weighed in on LPI. Capital One Financial Corp. upgraded shares of Laredo Petroleum from an “equal weight” rating to an “overweight” rating and set a $15.00 price objective on the stock in a report on Wednesday. Imperial Capital began coverage on shares of Laredo Petroleum in a report on Thursday, May 26th. They issued an “in-line” rating and a $12.50 price objective on the stock. Alembic Global Advisors upgraded shares of Laredo Petroleum from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $7.00 to $16.00 in a report on Monday, May 9th. Deutsche Bank AG restated a “hold” rating and issued a $9.00 price objective on shares of Laredo Petroleum in a report on Thursday, June 16th. Finally, BMO Capital Markets restated a “hold” rating and issued a $12.00 price objective on shares of Laredo Petroleum in a report on Wednesday, June 15th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $11.39.
The firm’s market capitalization is $2.81 billion. The company has a 50-day moving average of $10.94 and a 200 day moving average of $9.84.
Laredo Petroleum (NYSE:LPI) last issued its quarterly 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 firm had revenue of $146.77 million for the quarter, compared to analysts’ expectations of $138.30 million. During the same quarter in the prior year, the business earned $0.05 EPS. The business’s revenue for the quarter was down 19.5% on a year-over-year basis. On average, equities analysts forecast that Laredo Petroleum Inc. will post $0.48 EPS for the current fiscal 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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