Laredo Petroleum Inc (NYSE:LPI) has been given an average recommendation of “Hold” by the twenty-one analysts that are currently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $12.43.
LPI has been the topic of several research reports. Piper Jaffray reiterated a “buy” rating and issued a $16.00 price target on shares of Laredo Petroleum in a research report on Tuesday, January 9th. BMO Capital Markets reiterated a “hold” rating and issued a $12.00 price target on shares of Laredo Petroleum in a research report on Thursday, January 11th. National Securities initiated coverage on shares of Laredo Petroleum in a research report on Tuesday, January 16th. They issued a “buy” rating on the stock. Zacks Investment Research upgraded shares of Laredo Petroleum from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Wednesday, January 24th. Finally, Williams Capital reiterated a “hold” rating and issued a $13.00 price target on shares of Laredo Petroleum in a research report on Thursday, January 25th.
Laredo Petroleum stock traded up $0.29 during midday trading on Wednesday, hitting $10.75. The company’s stock had a trading volume of 3,211,572 shares, compared to its average volume of 3,289,633. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.03. Laredo Petroleum has a 12 month low of $7.41 and a 12 month high of $13.57. The stock has a market cap of $2,561.17, a PE ratio of 17.92, a price-to-earnings-growth ratio of 2.02 and a beta of 1.22.
Laredo Petroleum announced that its board has initiated a stock buyback program on Wednesday, February 14th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the oil and gas producer to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently bought and sold shares of LPI. Deutsche Bank AG raised its holdings in Laredo Petroleum by 2,834.0% during the 4th quarter. Deutsche Bank AG now owns 3,431,666 shares of the oil and gas producer’s stock worth $36,406,000 after buying an additional 3,314,704 shares during the period. SailingStone Capital Partners LLC raised its holdings in Laredo Petroleum by 3.3% during the 4th quarter. SailingStone Capital Partners LLC now owns 39,629,061 shares of the oil and gas producer’s stock worth $420,464,000 after buying an additional 1,251,905 shares during the period. Goldman Sachs Group Inc. raised its holdings in Laredo Petroleum by 67.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,955,803 shares of the oil and gas producer’s stock worth $31,361,000 after buying an additional 1,194,099 shares during the period. Channing Capital Management LLC raised its holdings in Laredo Petroleum by 37.1% during the 4th quarter. Channing Capital Management LLC now owns 3,260,794 shares of the oil and gas producer’s stock worth $34,597,000 after buying an additional 882,822 shares during the period. Finally, SIR Capital Management L.P. acquired a new stake in Laredo Petroleum during the 4th quarter worth about $6,589,000.
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About Laredo Petroleum
Laredo Petroleum, Inc operates as an independent energy company in the United States. It operates through two segments, Exploration and Production; and Midstream and Marketing. The company engages in the acquisition, exploration, and development of oil and natural gas properties; and the transportation of oil and natural gas primarily in the Permian Basin in West Texas, as well as rig fuel, natural gas lift, and water delivery and takeaway services.
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