BMO Capital Markets Reaffirms “Hold” Rating for Laredo Petroleum, Inc. (LPI)

BMO Capital Markets reaffirmed their hold rating on shares of Laredo Petroleum, Inc. (NYSE:LPI) in a report released on Tuesday, June 27th, MarketBeat reports. The firm currently has a $10.00 price objective on the oil and gas producer’s stock.

LPI has been the topic of a number of other research reports. Seaport Global Securities raised Laredo Petroleum from a neutral rating to a buy rating in a report on Friday, March 31st. J P Morgan Chase & Co dropped their target price on Laredo Petroleum from $14.00 to $13.00 and set a neutral rating on the stock in a report on Wednesday, May 31st. Stephens raised Laredo Petroleum from an underweight rating to a hold rating in a report on Monday, May 15th. Zacks Investment Research lowered Laredo Petroleum from a buy rating to a hold rating and set a $16.00 target price on the stock. in a report on Tuesday, February 28th. Finally, TheStreet raised Laredo Petroleum from a d- rating to a c- rating in a report on Wednesday, May 3rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $15.05.

Shares of Laredo Petroleum (NYSE LPI) opened at 11.11 on Tuesday. The stock’s market cap is $2.66 billion. The firm has a 50-day moving average price of $11.56 and a 200 day moving average price of $13.23. Laredo Petroleum has a 52-week low of $9.20 and a 52-week high of $16.47.

Laredo Petroleum (NYSE:LPI) last released its earnings results on Wednesday, May 3rd. The oil and gas producer reported $0.10 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.11 by $0.01. The company had revenue of $189 million during the quarter, compared to analyst estimates of $164.39 million. Laredo Petroleum had a negative net margin of 1.78% and a positive return on equity of 75.64%. The company’s revenue for the quarter was up 77.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.08 EPS. Analysts expect that Laredo Petroleum will post $0.55 earnings per share for the current year.

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Hedge funds and other institutional investors have recently modified their holdings of the stock. Two Sigma Securities LLC acquired a new position in shares of Laredo Petroleum during the first quarter worth approximately $514,000. Norges Bank purchased a new position in Laredo Petroleum during the fourth quarter worth approximately $25,204,000. Glen Harbor Capital Management LLC purchased a new position in Laredo Petroleum during the first quarter worth approximately $122,000. IBM Retirement Fund increased its position in 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 worth $702,000 after buying an additional 36,429 shares in the last quarter. Finally, FIL Ltd purchased a new position in Laredo Petroleum during the first quarter worth approximately $1,527,000.

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.

Analyst Recommendations for Laredo Petroleum (NYSE:LPI)

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