Laredo Petroleum, Inc. (NYSE:LPI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
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. “
LPI has been the subject of a number of other reports. Scotiabank reaffirmed a “hold” rating and set a $15.00 price objective on shares of Laredo Petroleum in a research note on Monday, May 15th. FBR & Co reissued a “buy” rating and issued a $16.00 price target on shares of Laredo Petroleum in a research report on Friday, May 12th. BMO Capital Markets reissued a “hold” rating and issued a $10.00 price target on shares of Laredo Petroleum in a research report on Tuesday, June 27th. Credit Suisse Group reissued a “sell” rating and issued a $13.00 price target on shares of Laredo Petroleum in a research report on Friday, March 31st. Finally, TheStreet raised shares of Laredo Petroleum from a “d-” rating to a “c-” rating in a research report on Wednesday, May 3rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Laredo Petroleum currently has an average rating of “Hold” and a consensus price target of $15.05.
Laredo Petroleum (NYSE LPI) opened at 11.11 on Tuesday. The stock has a 50 day moving average of $11.56 and a 200-day moving average of $13.23. Laredo Petroleum has a 52-week low of $9.20 and a 52-week high of $16.47. The firm’s market cap is $2.66 billion.
Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings data on Wednesday, May 3rd. The oil and gas producer reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.11 by $0.01. Laredo Petroleum had a negative net margin of 1.78% and a positive return on equity of 75.64%. The firm had revenue of $189 million for the quarter, compared to analysts’ expectations of $164.39 million. During the same period in the prior year, the company posted $0.08 earnings per share. Laredo Petroleum’s quarterly revenue was up 77.3% compared to the same quarter last year. On average, analysts expect that Laredo Petroleum will post $0.55 EPS for the current year.
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A number of institutional investors have recently made changes to their positions in the stock. Two Sigma Securities LLC bought a new position in shares of Laredo Petroleum during the first quarter valued at approximately $514,000. Norges Bank bought a new position in shares of Laredo Petroleum during the fourth quarter valued at approximately $25,204,000. Glen Harbor Capital Management LLC bought a new position in shares of Laredo Petroleum during the first quarter valued at approximately $122,000. IBM Retirement Fund increased its position in shares of Laredo Petroleum by 313.5% in the first quarter. IBM Retirement Fund now owns 48,048 shares of the oil and gas producer’s stock valued at $702,000 after buying an additional 36,429 shares during the period. Finally, FIL Ltd bought a new position in shares of Laredo Petroleum during the first quarter valued at approximately $1,527,000.
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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