Stifel Nicolaus reissued their buy rating on shares of Laredo Petroleum, Inc. (NYSE:LPI) in a report released on Wednesday, October 4th. The firm currently has a $17.00 price objective on the oil and gas producer’s stock.
A number of other research firms have also recently commented on LPI. Zacks Investment Research cut shares of Laredo Petroleum from a hold rating to a sell rating in a research note on Thursday, August 10th. Cowen and Company set a $12.00 target price on shares of Laredo Petroleum and gave the stock a hold rating in a research note on Tuesday, July 18th. BidaskClub cut shares of Laredo Petroleum from a sell rating to a strong sell rating in a research note on Wednesday, June 21st. BMO Capital Markets reiterated a hold rating and issued a $10.00 target price on shares of Laredo Petroleum in a research note on Tuesday, June 27th. Finally, Bank of America Corporation lifted their target price on shares of Laredo Petroleum from $11.00 to $13.00 and gave the stock an underperform rating in a research note on Tuesday, August 8th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company’s stock. Laredo Petroleum currently has an average rating of Hold and an average target price of $14.64.
Shares of Laredo Petroleum (NYSE:LPI) opened at 12.54 on Wednesday. The firm has a market capitalization of $3.00 billion, a P/E ratio of 25.33 and a beta of 1.44. The company has a 50-day moving average price of $12.52 and a 200-day moving average price of $12.27. Laredo Petroleum has a 12-month low of $9.57 and a 12-month high of $16.47.
Laredo Petroleum (NYSE:LPI) last released its quarterly earnings results on Monday, August 7th. The oil and gas producer reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.01). Laredo Petroleum had a net margin of 16.73% and a return on equity of 49.15%. The firm had revenue of $187.00 million during the quarter, compared to the consensus estimate of $173.32 million. During the same quarter in the prior year, the business posted $0.13 earnings per share. The firm’s quarterly revenue was up 27.5% on a year-over-year basis. Equities analysts predict that Laredo Petroleum will post $0.62 EPS for the current year.
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Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Laredo Petroleum by 7.9% during the second quarter. Vanguard Group Inc. now owns 16,083,332 shares of the oil and gas producer’s stock worth $169,197,000 after buying an additional 1,176,608 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Laredo Petroleum by 2,500.3% during the first quarter. BlackRock Inc. now owns 7,598,973 shares of the oil and gas producer’s stock worth $110,946,000 after buying an additional 7,306,738 shares in the last quarter. State Street Corp grew its holdings in shares of Laredo Petroleum by 15.9% during the second quarter. State Street Corp now owns 5,810,244 shares of the oil and gas producer’s stock worth $61,121,000 after buying an additional 799,073 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Laredo Petroleum by 25.2% during the first quarter. Wellington Management Group LLP now owns 4,311,310 shares of the oil and gas producer’s stock worth $62,944,000 after buying an additional 869,100 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in shares of Laredo Petroleum by 150.2% during the first quarter. Point72 Asset Management L.P. now owns 3,748,400 shares of the oil and gas producer’s stock worth $54,727,000 after buying an additional 2,250,300 shares in the last quarter.
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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