Laredo Petroleum Inc. (LPI) Downgraded to “Underperform” at Credit Suisse Group AG
A number of other research analysts have also recently commented on LPI. BMO Capital Markets reissued a hold rating and issued a $12.00 target price on shares of Laredo Petroleum in a report on Wednesday, June 15th. Deutsche Bank AG reissued a hold rating and issued a $9.00 target price on shares of Laredo Petroleum in a report on Thursday, June 16th. Zacks Investment Research raised shares of Laredo Petroleum from a hold rating to a buy rating and set a $12.00 target price for the company in a report on Friday, June 17th. Barclays PLC started coverage on shares of Laredo Petroleum in a report on Tuesday, June 21st. They issued an overweight rating and a $14.00 target price for the company. Finally, Nomura reissued a neutral rating and issued a $11.00 target price (up previously from $10.00) on shares of Laredo Petroleum in a report on Tuesday, June 21st. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $12.79.
Shares of Laredo Petroleum (NYSE:LPI) traded up 0.426% on Thursday, reaching $12.965. 1,205,526 shares of the company were exchanged. The company’s 50-day moving average price is $12.46 and its 200 day moving average price is $11.25. Laredo Petroleum has a 12 month low of $3.90 and a 12 month high of $14.19. The company’s market cap is $2.89 billion.
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 company earned $146.77 million during the quarter, compared to the consensus estimate of $138.30 million. Laredo Petroleum had a positive return on equity of 24.95% and a negative net margin of 391.74%. The firm’s revenue was down 19.5% compared to the same quarter last year. During the same period last year, the company posted $0.05 EPS. On average, equities research analysts expect that Laredo Petroleum will post $0.47 EPS for the current year.
In other Laredo Petroleum news, VP Patrick J. Curth sold 17,000 shares of Laredo Petroleum stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $12.57, for a total transaction of $213,690.00. Following the completion of the transaction, the vice president now owns 172,926 shares of the company’s stock, valued at approximately $2,173,679.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Ngam Advisors L.P. raised its position in Laredo Petroleum by 136.8% in the first quarter. Ngam Advisors L.P. now owns 388,393 shares of the company’s stock worth $3,080,000 after buying an additional 224,349 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Laredo Petroleum by 5.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,302,713 shares of the company’s stock worth $26,191,000 after buying an additional 171,224 shares during the last quarter. Menta Capital LLC raised its position in Laredo Petroleum by 88.2% in the first quarter. Menta Capital LLC now owns 92,773 shares of the company’s stock worth $736,000 after buying an additional 43,473 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in Laredo Petroleum by 22.5% in the first quarter. UBS Asset Management Americas Inc. now owns 2,668,537 shares of the company’s stock worth $21,161,000 after buying an additional 489,709 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Laredo Petroleum by 138.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,021,440 shares of the company’s stock worth $8,100,000 after buying an additional 592,333 shares during the last quarter. 98.78% of the stock is owned by institutional investors and hedge funds.
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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