Laredo Petroleum Inc (NYSE:LPI) – Stock analysts at KeyCorp dropped their FY2019 earnings estimates for Laredo Petroleum in a research note issued on Wednesday. KeyCorp analyst C. Stevens now expects that the oil and gas producer will post earnings per share of $1.01 for the year, down from their prior forecast of $1.16. KeyCorp currently has a “Hold” rating on the stock.
Laredo Petroleum (NYSE:LPI) last released its earnings results on Wednesday, February 14th. The oil and gas producer reported $0.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.01. Laredo Petroleum had a net margin of 66.77% and a return on equity of 30.02%. The business had revenue of $240.34 million during the quarter, compared to analysts’ expectations of $212.57 million. During the same quarter last year, the company earned $0.16 earnings per share. The firm’s revenue was up 30.4% on a year-over-year basis.
LPI has been the subject of a number of other research reports. National Securities assumed coverage on shares of Laredo Petroleum in a research note on Tuesday, January 16th. They set a “buy” rating for the company. Zacks Investment Research upgraded shares of Laredo Petroleum from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research note on Wednesday, January 24th. Scotiabank set a $14.00 price target on shares of Laredo Petroleum and gave the stock a “hold” rating in a research note on Wednesday, November 22nd. Barclays restated a “buy” rating on shares of Laredo Petroleum in a research note on Thursday, November 23rd. Finally, BMO Capital Markets cut their price target on shares of Laredo Petroleum from $14.00 to $11.00 and set a “market perform” rating for the company in a research note on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $13.03.
Laredo Petroleum (NYSE LPI) traded up $0.03 during midday trading on Monday, hitting $8.39. 2,513,599 shares of the company traded hands, compared to its average volume of 3,606,718. The company has a market capitalization of $2,027.59, a PE ratio of 3.66, a PEG ratio of 1.67 and a beta of 1.21. 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 twelve month low of $7.41 and a twelve month high of $15.15.
Laredo Petroleum announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 14th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the oil and gas producer to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Several hedge funds and other institutional investors have recently bought and sold shares of LPI. Wells Fargo & Company MN increased its holdings in shares of Laredo Petroleum by 24.4% in the second quarter. Wells Fargo & Company MN now owns 218,884 shares of the oil and gas producer’s stock valued at $2,304,000 after purchasing an additional 42,994 shares in the last quarter. Chicago Equity Partners LLC acquired a new stake in shares of Laredo Petroleum in the third quarter valued at approximately $1,177,000. Legal & General Group Plc increased its holdings in shares of Laredo Petroleum by 18.4% in the third quarter. Legal & General Group Plc now owns 62,768 shares of the oil and gas producer’s stock valued at $812,000 after purchasing an additional 9,754 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Laredo Petroleum in the third quarter valued at approximately $340,000. Finally, BNP Paribas Arbitrage SA increased its holdings in shares of Laredo Petroleum by 64.2% in the third quarter. BNP Paribas Arbitrage SA now owns 27,485 shares of the oil and gas producer’s stock valued at $355,000 after purchasing an additional 10,750 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.
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