Laredo Petroleum, Inc. (NYSE:LPI) had its price target trimmed by Piper Jaffray Companies from $17.00 to $15.00 in a research note issued to investors on Monday. The firm currently has an overweight rating on the oil and gas producer’s stock.
Several other equities research analysts have also commented on the stock. Cowen and Company reissued a hold rating and set a $12.00 price objective on shares of Laredo Petroleum in a research note on Sunday. KeyCorp reissued a hold rating on shares of Laredo Petroleum in a research note on Friday, September 1st. BMO Capital Markets set a $14.00 price objective on shares of Laredo Petroleum and gave the stock a hold rating in a research note on Sunday, August 13th. Zacks Investment Research lowered shares of Laredo Petroleum from a hold rating to a sell rating in a research note on Thursday, August 10th. Finally, Bank of America Corporation boosted their price objective on shares of Laredo Petroleum from $11.00 to $13.00 and gave the stock an underperform rating in a research note on Tuesday, August 8th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $14.73.
Shares of Laredo Petroleum (NYSE LPI) opened at 12.27 on Monday. The company has a 50 day moving average of $12.15 and a 200-day moving average of $12.36. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 24.79 and a beta of 1.44. Laredo Petroleum has a 12-month low of $9.57 and a 12-month high of $16.47.
Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings data on Monday, August 7th. The oil and gas producer reported $0.10 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.01). Laredo Petroleum had a return on equity of 49.15% and a net margin of 16.73%. The business had revenue of $187.00 million for the quarter, compared to the consensus estimate of $173.32 million. During the same period in the previous year, the firm earned $0.13 EPS. The company’s revenue was up 27.5% on a year-over-year basis. Analysts predict that Laredo Petroleum will post $0.51 EPS for the current year.
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Several institutional investors and hedge funds have recently added to or reduced their stakes in LPI. Evanson Asset Management LLC purchased a new position in shares of Laredo Petroleum during the second quarter valued at approximately $108,000. Quantbot Technologies LP purchased a new position in shares of Laredo Petroleum during the first quarter valued at approximately $114,000. Meeder Asset Management Inc. raised its holdings in shares of Laredo Petroleum by 282.5% during the first quarter. Meeder Asset Management Inc. now owns 8,093 shares of the oil and gas producer’s stock valued at $118,000 after purchasing an additional 5,977 shares during the last quarter. Koch Industries Inc. purchased a new position in shares of Laredo Petroleum during the second quarter valued at approximately $129,000. Finally, QCM Cayman Ltd. purchased a new position in shares of Laredo Petroleum during the second quarter valued at approximately $133,000.
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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