Zacks Investment Research upgraded shares of Laredo Petroleum, Inc. (NYSE:LPI) from a hold rating to a buy rating in a research report report published on Thursday morning. The brokerage currently has $16.00 price objective 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. “
A number of other analysts have also issued reports on LPI. Credit Suisse Group lowered Laredo Petroleum from a neutral rating to an underperform rating and set a $9.00 target price on the stock. in a research report on Thursday, October 13th. J P Morgan Chase & Co reissued a hold rating on shares of Laredo Petroleum in a report on Thursday, November 3rd. Barclays PLC reissued a buy rating and issued a $16.00 price objective on shares of Laredo Petroleum in a report on Wednesday, November 16th. Drexel Hamilton started coverage on Laredo Petroleum in a report on Thursday, December 15th. They issued a buy rating and a $18.75 price objective for the company. Finally, BMO Capital Markets reissued a hold rating and issued a $15.00 price objective on shares of Laredo Petroleum in a report on Wednesday, January 11th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $13.01.
Shares of Laredo Petroleum (NYSE:LPI) traded down 1.54% during trading on Thursday, hitting $14.06. The stock had a trading volume of 1,402,258 shares. Laredo Petroleum has a one year low of $3.90 and a one year high of $16.47. The firm’s 50-day moving average is $14.18 and its 200-day moving average is $12.83. The firm’s market cap is $3.35 billion.
Laredo Petroleum (NYSE:LPI) last announced its earnings results on Wednesday, November 2nd. The company reported $0.12 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.12. Laredo Petroleum had a positive return on equity of 123.07% and a negative net margin of 225.04%. The business had revenue of $159.70 million for the quarter, compared to analyst estimates of $150.09 million. During the same period in the previous year, the company earned $0.07 earnings per share. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. Equities research analysts forecast that Laredo Petroleum will post $0.50 EPS for the current year.
Several institutional investors have recently modified their holdings of LPI. Visium Asset Management LP acquired a new position in shares of Laredo Petroleum during the second quarter valued at about $111,000. Seven Eight Capital LLC purchased a new stake in shares of Laredo Petroleum during the second quarter valued at approximately $115,000. Jane Street Group LLC purchased a new stake in shares of Laredo Petroleum during the second quarter valued at approximately $130,000. Alambic Investment Management L.P. purchased a new stake in shares of Laredo Petroleum during the third quarter valued at approximately $141,000. Finally, IBM Retirement Fund boosted its stake in shares of 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.
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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