Seaport Global Securities Analysts Cut Earnings Estimates for Laredo Petroleum Inc. (LPI)
Laredo Petroleum Inc. (NYSE:LPI) – Seaport Global Securities decreased their Q3 2016 earnings per share estimates for Laredo Petroleum in a report released on Monday. Seaport Global Securities analyst M. Kelly now expects that the firm will post earnings of $0.12 per share for the quarter, down from their previous estimate of $0.13. Seaport Global Securities currently has a “Neutral” rating and a $11.00 price target on the stock. Seaport Global Securities also issued estimates for Laredo Petroleum’s FY2016 earnings at $0.48 EPS.
Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.33) earnings per share (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 quarterly revenue was down 19.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.05 earnings per share.
LPI has been the topic of a number of other research reports. Barclays PLC began coverage on Laredo Petroleum in a report on Tuesday, June 21st. They issued an “overweight” rating and a $14.00 price objective on the stock. KLR Group upped their target price on Laredo Petroleum from $11.00 to $13.00 and gave the company a “hold” rating in a research report on Thursday, September 8th. FBR & Co began coverage on Laredo Petroleum in a research report on Tuesday, September 13th. They issued an “outperform” rating and a $14.00 target price for the company. Credit Suisse Group AG cut Laredo Petroleum from a “neutral” rating to an “underperform” rating and set a $9.00 target price for the company. in a research report on Thursday, October 13th. Finally, Capital One Financial Corp. raised Laredo Petroleum from an “equal weight” rating to an “overweight” rating and set a $15.00 target price for the company in a research report on Wednesday, August 24th. Two equities 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’s stock. Laredo Petroleum presently has a consensus rating of “Hold” and a consensus price target of $12.61.
Shares of Laredo Petroleum (NYSE:LPI) traded up 3.43% during mid-day trading on Wednesday, reaching $13.57. The company had a trading volume of 1,334,300 shares. Laredo Petroleum has a 1-year low of $3.90 and a 1-year high of $13.93. The company’s market capitalization is $3.03 billion. The stock’s 50-day moving average price is $12.50 and its 200 day moving average price is $11.42.
Institutional investors have recently added to or reduced their stakes in the company. Comerica Bank increased its position in Laredo Petroleum by 3.7% in the second quarter. Comerica Bank now owns 13,035 shares of the company’s stock valued at $146,000 after buying an additional 462 shares during the last quarter. Alliancebernstein L.P. increased its position in Laredo Petroleum by 1.1% in the second quarter. Alliancebernstein L.P. now owns 80,386 shares of the company’s stock valued at $842,000 after buying an additional 850 shares during the last quarter. Commonwealth Equity Services Inc increased its position 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. IBM Retirement Fund increased its position in Laredo Petroleum by 8.8% in the second quarter. IBM Retirement Fund now owns 13,548 shares of the company’s stock valued at $142,000 after buying an additional 1,099 shares during the last quarter. Finally, State of Wisconsin Investment Board increased its position in Laredo Petroleum by 2.1% in the second quarter. State of Wisconsin Investment Board now owns 87,380 shares of the company’s stock valued at $916,000 after buying an additional 1,800 shares during the last quarter. 98.78% of the stock is owned by institutional investors.
In other Laredo Petroleum news, VP Patrick J. Curth sold 17,000 shares of the firm’s stock in a transaction on 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 $2,173,679.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.50% of the stock is owned by corporate insiders.
Laredo Petroleum Company Profile
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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