Laredo Petroleum (NYSE:LPI) Downgraded to Hold at Zacks Investment Research

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Laredo Petroleum (NYSE:LPI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Saturday, Zacks.com reports.

According to Zacks, “Laredo Petroleum Holdings, Inc. is engaged in the exploration, development and acquisition of oil and natural gas properties in the Permian and Mid-Continent regions of the United States. Laredo Petroleum Holdings, Inc. is headquartered in Tulsa, Oklahoma. “

Several other research firms also recently issued reports on LPI. Williams Capital reaffirmed a “buy” rating and set a $4.50 price objective on shares of Laredo Petroleum in a report on Tuesday, December 10th. ValuEngine raised shares of Laredo Petroleum from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Stifel Nicolaus upped their price objective on shares of Laredo Petroleum from $5.50 to $5.60 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Goldman Sachs Group downgraded shares of Laredo Petroleum from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $2.50 to $2.00 in a report on Tuesday, December 17th. Finally, Wells Fargo & Co decreased their price objective on shares of Laredo Petroleum from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $4.27.

NYSE LPI opened at $1.99 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.92. The company has a fifty day simple moving average of $2.64 and a 200 day simple moving average of $2.58. The company has a market cap of $502.72 million, a P/E ratio of 9.05 and a beta of 1.79. Laredo Petroleum has a 1 year low of $1.92 and a 1 year high of $3.99.

Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings data on Tuesday, November 5th. The oil and gas producer reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.02. The business had revenue of $193.57 million during the quarter, compared to the consensus estimate of $215.83 million. Laredo Petroleum had a net margin of 5.87% and a return on equity of 14.25%. During the same period in the prior year, the firm earned $0.27 EPS. Equities research analysts forecast that Laredo Petroleum will post 0.78 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in LPI. First Trust Advisors LP raised its stake in Laredo Petroleum by 79.2% during the 1st quarter. First Trust Advisors LP now owns 589,417 shares of the oil and gas producer’s stock valued at $1,821,000 after purchasing an additional 260,525 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Laredo Petroleum by 6.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 941,664 shares of the oil and gas producer’s stock valued at $2,731,000 after purchasing an additional 60,634 shares during the last quarter. LPL Financial LLC acquired a new position in Laredo Petroleum during the 2nd quarter valued at $33,000. Northern Trust Corp raised its stake in Laredo Petroleum by 1.9% during the 2nd quarter. Northern Trust Corp now owns 2,004,506 shares of the oil and gas producer’s stock valued at $5,813,000 after purchasing an additional 36,564 shares during the last quarter. Finally, BlackRock Inc. raised its stake in Laredo Petroleum by 0.5% during the 2nd quarter. BlackRock Inc. now owns 23,796,348 shares of the oil and gas producer’s stock valued at $69,009,000 after purchasing an additional 108,559 shares during the last quarter. Hedge funds and other institutional investors own 96.76% of the company’s stock.

Laredo Petroleum Company Profile

Laredo Petroleum, Inc, an independent energy company, engages in the acquisition, exploration, and development of oil and natural gas properties in the Permian Basin of West Texas, the United States. The company also provides midstream and marketing services comprising transportation and marketing of oil and natural gas; and natural gas lift systems, crude oil and natural gas gathering, and water delivery and takeaway services.

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