Laredo Petroleum’s (LPI) “Buy” Rating Reaffirmed at Piper Jaffray Companies

Piper Jaffray Companies restated their buy rating on shares of Laredo Petroleum (NYSE:LPI) in a report issued on Tuesday, January 9th. Piper Jaffray Companies currently has a $16.00 target price on the oil and gas producer’s stock.

LPI has been the topic of several other reports. Zacks Investment Research cut Laredo Petroleum from a buy rating to a hold rating in a research note on Friday, October 20th. Cowen reissued a hold rating and set a $12.00 price objective on shares of Laredo Petroleum in a research note on Sunday, September 17th. Seaport Global Securities reaffirmed a neutral rating and set a $9.50 target price (down previously from $10.00) on shares of Laredo Petroleum in a research note on Monday, October 9th. Scotiabank set a $14.00 target price on Laredo Petroleum and gave the company a hold rating in a research note on Wednesday, November 22nd. Finally, Barclays reaffirmed a buy rating on shares of Laredo Petroleum in a research note on Thursday, November 23rd. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $13.91.

Laredo Petroleum (LPI) traded down $0.40 during midday trading on Tuesday, reaching $10.65. The company had a trading volume of 1,918,542 shares, compared to its average volume of 2,272,583. The stock has a market capitalization of $2,680.00, a P/E ratio of 21.30, a PEG ratio of 2.50 and a beta of 1.32. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 4.16. Laredo Petroleum has a 12 month low of $9.46 and a 12 month high of $15.15.

Laredo Petroleum (NYSE:LPI) last issued its earnings results on Wednesday, November 1st. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.01). Laredo Petroleum had a return on equity of 43.77% and a net margin of 15.92%. The firm had revenue of $205.82 million during the quarter, compared to the consensus estimate of $178.48 million. During the same period last year, the firm posted $0.12 earnings per share. The company’s revenue for the quarter was up 28.9% compared to the same quarter last year. sell-side analysts anticipate that Laredo Petroleum will post 0.52 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of LPI. Russell Investments Group Ltd. lifted its holdings in Laredo Petroleum by 32.5% during the second quarter. Russell Investments Group Ltd. now owns 45,411 shares of the oil and gas producer’s stock worth $478,000 after buying an additional 11,150 shares during the period. Rhumbline Advisers lifted its holdings in Laredo Petroleum by 20.7% during the second quarter. Rhumbline Advisers now owns 185,729 shares of the oil and gas producer’s stock worth $1,954,000 after buying an additional 31,839 shares during the period. State of Wisconsin Investment Board increased its position in shares of Laredo Petroleum by 13.6% during the second quarter. State of Wisconsin Investment Board now owns 32,320 shares of the oil and gas producer’s stock worth $340,000 after purchasing an additional 3,870 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Laredo Petroleum by 18.1% during the second quarter. Bank of New York Mellon Corp now owns 1,232,392 shares of the oil and gas producer’s stock worth $12,965,000 after purchasing an additional 189,207 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of Laredo Petroleum by 3.2% during the second quarter. Legal & General Group Plc now owns 53,014 shares of the oil and gas producer’s stock worth $558,000 after purchasing an additional 1,635 shares in the last quarter.

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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.

Analyst Recommendations for Laredo Petroleum (NYSE:LPI)

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