Q3 2016 EPS Estimates for Laredo Petroleum Inc. Lifted by Analyst (LPI)
Laredo Petroleum Inc. (NYSE:LPI) – Williams Capital raised their Q3 2016 earnings per share estimates for Laredo Petroleum in a research note issued on Monday. Williams Capital analyst G. Sorbara now expects that the brokerage will post earnings per share of $0.15 for the quarter, up from their prior estimate of $0.10. Williams Capital has a “Hold” rating and a $14.00 price target on the stock. Williams Capital also issued estimates for Laredo Petroleum’s FY2016 earnings at $0.48 EPS and FY2017 earnings at $0.30 EPS.
Laredo Petroleum (NYSE:LPI) last posted its earnings results on Wednesday, August 3rd. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by $0.43. Laredo Petroleum had a negative net margin of 391.74% and a positive return on equity of 24.95%. The company earned $146.77 million during the quarter, compared to analysts’ expectations of $138.30 million. During the same quarter last year, the firm earned $0.05 EPS. Laredo Petroleum’s revenue for the quarter was down 19.5% on a year-over-year basis.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research upgraded Laredo Petroleum from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a report on Wednesday, October 5th. KLR Group increased their price target on Laredo Petroleum from $11.00 to $13.00 and gave the stock a “hold” rating in a report on Thursday, September 8th. Nomura reissued a “neutral” rating and set a $11.00 target price (up previously from $10.00) on shares of Laredo Petroleum in a research note on Tuesday, June 21st. Seaport Global Securities raised Laredo Petroleum from a “sell” rating to a “neutral” rating and increased their target price for the stock from $8.00 to $11.00 in a research note on Tuesday, August 30th. Finally, FBR & Co initiated coverage on Laredo Petroleum in a research note on Tuesday, September 13th. They set an “outperform” rating and a $14.00 target price on the stock. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $12.61.
Laredo Petroleum (NYSE:LPI) opened at 13.12 on Tuesday. Laredo Petroleum has a 1-year low of $3.90 and a 1-year high of $13.93. The firm has a 50-day moving average price of $12.50 and a 200 day moving average price of $11.42. The stock’s market cap is $2.93 billion.
In related news, VP Patrick J. Curth sold 17,000 shares of the stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $12.57, for a total value of $213,690.00. Following the completion of the sale, the vice president now owns 172,926 shares in the company, valued at $2,173,679.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.50% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in LPI. BlackRock Institutional Trust Company N.A. boosted its stake 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 valued at $26,191,000 after buying an additional 171,224 shares during the last quarter. Squarepoint Ops LLC bought a new stake in Laredo Petroleum during the first quarter valued at $572,000. Oxford Asset Management bought a new stake in Laredo Petroleum during the second quarter valued at $3,635,000. Goldman Sachs Group Inc. boosted its stake 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 valued at $8,100,000 after buying an additional 592,333 shares during the last quarter. Finally, Commonwealth Equity Services Inc boosted its stake in Laredo Petroleum by 1.0% in the second quarter. Commonwealth Equity Services Inc now owns 99,172 shares of the company’s stock valued at $1,039,000 after buying an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 98.78% of the company’s stock.
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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