Laredo Petroleum, Inc. (LPI) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Laredo Petroleum, Inc. (NYSE:LPI) from a hold rating to a buy rating in a research report released on Tuesday, October 17th. The brokerage currently has $14.00 target price on the oil and gas producer’s stock.

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. “

A number of other equities analysts have also issued reports on LPI. Williams Capital set a $14.00 target price on shares of Laredo Petroleum and gave the stock a hold rating in a research report on Tuesday, August 8th. Scotiabank set a $13.00 price objective on shares of Laredo Petroleum and gave the company a hold rating in a report on Saturday, July 1st. Bank of America Corporation increased their price objective on shares of Laredo Petroleum from $11.00 to $13.00 and gave the company an underperform rating in a report on Tuesday, August 8th. Stifel Nicolaus restated a buy rating and issued a $17.00 price objective on shares of Laredo Petroleum in a report on Friday, July 14th. Finally, BMO Capital Markets set a $14.00 price objective on shares of Laredo Petroleum and gave the company a hold rating in a report on Sunday, August 13th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $14.45.

Shares of Laredo Petroleum (NYSE:LPI) traded up $0.55 during mid-day trading on Tuesday, hitting $10.96. 2,502,656 shares of the stock were exchanged, compared to its average volume of 3,236,777. Laredo Petroleum has a 12 month low of $9.57 and a 12 month high of $16.47. The firm has a market capitalization of $2,522.13, a price-to-earnings ratio of 21.22, a price-to-earnings-growth ratio of 4.16 and a beta of 1.39. The company has a debt-to-equity ratio of 4.16, a current ratio of 0.64 and a quick ratio of 0.64.

Laredo Petroleum (NYSE:LPI) last announced its earnings results on Wednesday, November 1st. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.01). Laredo Petroleum had a return on equity of 43.77% and a net margin of 15.92%. The company had revenue of $205.82 million for the quarter, compared to analyst estimates of $178.48 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. Laredo Petroleum’s revenue for the quarter was up 28.9% on a year-over-year basis. equities research analysts anticipate that Laredo Petroleum will post 0.5 earnings per share for the current year.

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Several hedge funds and other institutional investors have recently modified their holdings of LPI. BlackRock Inc. lifted its position in shares of Laredo Petroleum by 2,500.3% in the 1st quarter. BlackRock Inc. now owns 7,598,973 shares of the oil and gas producer’s stock worth $110,946,000 after purchasing an additional 7,306,738 shares during the period. Vanguard Group Inc. lifted its position in shares of Laredo Petroleum by 20.9% in the 1st quarter. Vanguard Group Inc. now owns 14,906,724 shares of the oil and gas producer’s stock worth $217,638,000 after purchasing an additional 2,578,127 shares during the period. Point72 Asset Management L.P. lifted its position in shares of Laredo Petroleum by 150.2% in the 1st 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 purchasing an additional 2,250,300 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Laredo Petroleum by 153.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,368,993 shares of the oil and gas producer’s stock worth $34,586,000 after purchasing an additional 1,434,079 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in shares of Laredo Petroleum by 69.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 3,082,481 shares of the oil and gas producer’s stock worth $32,428,000 after purchasing an additional 1,263,202 shares during the period.

Laredo Petroleum Company Profile

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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Analyst Recommendations for Laredo Petroleum (NYSE:LPI)

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