Laredo Petroleum Inc. (LPI) Upgraded 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 note issued to investors on Wednesday. They currently have $15.00 price target on the 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. “
Several other research firms have also weighed in on LPI. Iberia Capital upgraded Laredo Petroleum from a sector perform rating to an outperform rating and increased their price target for the company from $8.00 to $14.00 in a report on Tuesday, June 14th. Raymond James Financial Inc. increased their price target on Laredo Petroleum from $16.00 to $17.00 and gave the company an outperform rating in a report on Thursday, September 8th. Williams Capital initiated coverage on Laredo Petroleum in a report on Monday, August 29th. They set a hold rating and a $14.00 price target on the stock. Seaport Global Securities upgraded Laredo Petroleum from a sell rating to a neutral rating and increased their price target for the company from $8.00 to $11.00 in a report on Tuesday, August 30th. Finally, Nomura restated a neutral rating and set a $11.00 price target (up previously from $10.00) on shares of Laredo Petroleum in a report on Tuesday, June 21st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $12.79.
Shares of Laredo Petroleum (NYSE:LPI) traded down 1.145% on Wednesday, hitting $13.385. 1,115,360 shares of the company traded hands. The stock’s market capitalization is $2.99 billion. Laredo Petroleum has a 1-year low of $3.90 and a 1-year high of $14.19. The firm’s 50 day moving average price is $12.33 and its 200-day moving average price is $11.08.
Laredo Petroleum (NYSE:LPI) last posted its earnings results on Wednesday, August 3rd. The company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of $0.10 by $0.43. The firm had revenue of $146.77 million for the quarter, compared to the consensus estimate of $138.30 million. Laredo Petroleum had a negative net margin of 391.74% and a positive return on equity of 24.95%. The firm’s revenue was down 19.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.05 earnings per share. On average, equities research analysts expect that Laredo Petroleum will post $0.47 earnings per share for the current year.
In other news, VP Patrick J. Curth sold 17,000 shares of Laredo Petroleum stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $12.57, for a total value of $213,690.00. Following the sale, the vice president now directly owns 172,926 shares of the company’s stock, valued at $2,173,679.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.50% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of LPI. Vanguard Group Inc. raised its stake in shares of Laredo Petroleum by 11.1% in the second quarter. Vanguard Group Inc. now owns 9,749,517 shares of the company’s stock worth $102,175,000 after buying an additional 973,487 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Laredo Petroleum by 34.5% in the second quarter. Van ECK Associates Corp now owns 8,016,633 shares of the company’s stock worth $84,014,000 after buying an additional 2,057,577 shares in the last quarter. WS Management Lllp raised its stake in shares of Laredo Petroleum by 44.4% in the second quarter. WS Management Lllp now owns 5,436,300 shares of the company’s stock worth $56,972,000 after buying an additional 1,672,400 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Laredo Petroleum by 44.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,767,881 shares of the company’s stock worth $49,967,000 after buying an additional 1,465,168 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its stake in shares of Laredo Petroleum by 21.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,718,525 shares of the company’s stock worth $49,450,000 after buying an additional 818,875 shares in the last quarter. 98.78% of the stock is currently owned by hedge funds and other institutional investors.
About Laredo Petroleum
Laredo Petroleum, Inc (Laredo) is an independent energy company 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. The Company’s segments include Exploration and production, and Midstream and marketing.
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