Williams Capital Weighs in on Laredo Petroleum, Inc.’s FY2019 Earnings (LPI)
Laredo Petroleum, Inc. (NYSE:LPI) – Stock analysts at Williams Capital dropped their FY2019 earnings estimates for Laredo Petroleum in a research note issued on Monday. Williams Capital analyst G. Sorbara now expects that the oil and gas producer will post earnings per share of $0.87 for the year, down from their prior forecast of $1.11. Williams Capital currently has a “Hold” rating and a $16.00 target price on the stock.
Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings results on Wednesday, May 3rd. The oil and gas producer reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.11 by $0.01. The business had revenue of $189 million for the quarter, compared to the consensus estimate of $164.39 million. Laredo Petroleum had a positive return on equity of 75.64% and a negative net margin of 1.78%. The firm’s revenue for the quarter was up 77.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.08 EPS.
A number of other research analysts have also recently issued reports on LPI. Credit Suisse Group reiterated a “sell” rating on shares of Laredo Petroleum in a research note on Friday, February 17th. Piper Jaffray Companies upgraded shares of Laredo Petroleum from a “neutral” rating to an “overweight” rating in a research note on Tuesday, February 21st. Zacks Investment Research cut shares of Laredo Petroleum from a “buy” rating to a “hold” rating and set a $16.00 target price for the company. in a research note on Tuesday, February 28th. Scotiabank set a $15.00 target price on shares of Laredo Petroleum and gave the company a “hold” rating in a research note on Monday, March 27th. Finally, Seaport Global Securities upgraded shares of Laredo Petroleum from a “neutral” rating to a “buy” rating in a research note on Friday, March 31st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $15.52.
Laredo Petroleum (NYSE:LPI) opened at 10.63 on Thursday. The company’s market cap is $2.54 billion. Laredo Petroleum has a 52 week low of $9.20 and a 52 week high of $16.47. The firm’s 50-day moving average is $12.12 and its 200-day moving average is $13.53.
In other Laredo Petroleum news, VP Patrick J. Curth sold 43,830 shares of Laredo Petroleum stock in a transaction on Friday, March 31st. The shares were sold at an average price of $14.41, for a total transaction of $631,590.30. Following the completion of the sale, the vice president now owns 232,386 shares of the company’s stock, valued at approximately $3,348,682.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter Kagan sold 163,207 shares of Laredo Petroleum stock in a transaction on Friday, March 31st. The stock was sold at an average price of $14.34, for a total transaction of $2,340,388.38. Following the sale, the director now directly owns 68,006 shares of the company’s stock, valued at approximately $975,206.04. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Laredo Petroleum during the fourth quarter worth approximately $25,204,000. Glen Harbor Capital Management LLC acquired a new stake in Laredo Petroleum during the first quarter worth approximately $122,000. IBM Retirement Fund raised its stake 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. FIL Ltd acquired a new stake in Laredo Petroleum during the first quarter worth approximately $1,527,000. Finally, Renaissance Technologies LLC acquired a new stake in Laredo Petroleum during the fourth quarter worth approximately $4,382,000.
About Laredo Petroleum
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.
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