Bank of America Corporation Begins Coverage on Laredo Petroleum, Inc. (NYSE:LPI)
Stock analysts at Bank of America Corporation assumed coverage on shares of Laredo Petroleum, Inc. (NYSE:LPI) in a research report issued on Wednesday. The firm set an “underperform” rating and a $11.00 price target on the oil and gas producer’s stock. Bank of America Corporation’s price objective points to a potential downside of 11.08% from the stock’s previous close.
Several other research firms also recently weighed in on LPI. Zacks Investment Research downgraded shares of Laredo Petroleum from a “hold” rating to a “sell” rating in a research note on Tuesday. Stifel Nicolaus reiterated a “buy” rating and set a $17.00 price objective on shares of Laredo Petroleum in a report on Friday, July 14th. BidaskClub upgraded shares of Laredo Petroleum from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Scotiabank set a $13.00 price target on shares of Laredo Petroleum and gave the stock a “hold” rating in a report on Saturday, July 1st. Finally, BMO Capital Markets restated a “hold” rating and set a $10.00 price target on shares of Laredo Petroleum in a report on Tuesday, June 27th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Laredo Petroleum presently has an average rating of “Hold” and an average target price of $14.63.
Shares of Laredo Petroleum (LPI) traded up 2.34% during mid-day trading on Wednesday, hitting $12.66. 3,200,486 shares of the company’s stock traded hands. Laredo Petroleum has a 52 week low of $9.20 and a 52 week high of $16.47. The firm has a 50-day moving average of $10.97 and a 200 day moving average of $12.90. The company’s market cap is $3.03 billion.
Laredo Petroleum (NYSE:LPI) last released its quarterly earnings results on Wednesday, May 3rd. The oil and gas producer reported $0.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by $0.01. The business had revenue of $189 million for the quarter, compared to the consensus estimate of $164.39 million. Laredo Petroleum had a negative net margin of 1.78% and a positive return on equity of 75.64%. Laredo Petroleum’s revenue was up 77.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.08 EPS. Equities research analysts predict that Laredo Petroleum will post $0.52 EPS for the current year.
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Several hedge funds have recently modified their holdings of LPI. Comerica Bank increased its stake in shares of Laredo Petroleum by 37.4% in the fourth quarter. Comerica Bank now owns 18,762 shares of the oil and gas producer’s stock worth $259,000 after buying an additional 5,107 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Laredo Petroleum by 22.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 934,914 shares of the oil and gas producer’s stock worth $13,220,000 after buying an additional 171,994 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Laredo Petroleum during the fourth quarter worth about $4,382,000. Norges Bank bought a new stake in shares of Laredo Petroleum during the fourth quarter worth about $25,204,000. Finally, Highbridge Capital Management LLC bought a new stake in shares of Laredo Petroleum during the fourth quarter worth about $392,000.
About Laredo Petroleum
Laredo Petroleum, Inc (Laredo) is an independent energy company. The Company is 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. It operates through two segments: Exploration and production of oil and natural gas properties, and Midstream and marketing.
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