Tudor Pickering Downgrades Laredo Petroleum (LPI) to Hold

Laredo Petroleum (NYSE:LPI) was downgraded by Tudor Pickering from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Marketbeat.com reports.

LPI has been the subject of several other reports. Zacks Investment Research raised Laredo Petroleum from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research note on Wednesday, January 24th. National Securities initiated coverage on Laredo Petroleum in a research note on Tuesday, January 16th. They issued a “buy” rating for the company. ValuEngine downgraded Laredo Petroleum from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Stifel Nicolaus set a $15.00 target price on Laredo Petroleum and gave the company a “buy” rating in a report on Monday, January 29th. Finally, Williams Capital set a $11.00 target price on Laredo Petroleum and gave the company a “hold” rating in a report on Thursday, May 3rd. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $12.56.

NYSE LPI traded down $0.05 during mid-day trading on Thursday, hitting $9.66. The stock had a trading volume of 2,962,603 shares, compared to its average volume of 4,140,753. Laredo Petroleum has a 52-week low of $9.64 and a 52-week high of $9.95. The company has a market capitalization of $2.34 billion, a P/E ratio of 16.10, a PEG ratio of 1.90 and a beta of 1.20. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.77 and a quick ratio of 0.77.

Laredo Petroleum (NYSE:LPI) last released its quarterly earnings data on Wednesday, May 2nd. The oil and gas producer reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.02). Laredo Petroleum had a net margin of 63.53% and a return on equity of 27.02%. The firm had revenue of $259.70 million during the quarter, compared to analysts’ expectations of $211.73 million. During the same period in the previous year, the business earned $0.10 earnings per share. The business’s revenue for the quarter was up 37.4% on a year-over-year basis. research analysts expect that Laredo Petroleum will post 1.05 earnings per share for the current fiscal year.

Laredo Petroleum announced that its board has initiated a stock repurchase program on Wednesday, February 14th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the oil and gas producer to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Hedge funds have recently bought and sold shares of the company. HBK Investments L P boosted its holdings in shares of Laredo Petroleum by 340.6% during the fourth quarter. HBK Investments L P now owns 277,200 shares of the oil and gas producer’s stock worth $2,941,000 after purchasing an additional 214,288 shares during the last quarter. Capital Fund Management S.A. boosted its holdings in shares of Laredo Petroleum by 1,247.9% during the fourth quarter. Capital Fund Management S.A. now owns 501,419 shares of the oil and gas producer’s stock worth $5,320,000 after purchasing an additional 464,219 shares during the last quarter. Elkfork Partners LLC acquired a new stake in shares of Laredo Petroleum during the fourth quarter worth $131,000. Virtu Financial LLC acquired a new stake in shares of Laredo Petroleum during the fourth quarter worth $154,000. Finally, BlackRock Inc. boosted its holdings in shares of Laredo Petroleum by 3.3% during the fourth quarter. BlackRock Inc. now owns 6,832,585 shares of the oil and gas producer’s stock worth $72,492,000 after purchasing an additional 220,428 shares during the last quarter.

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.

Analyst Recommendations for Laredo Petroleum (NYSE:LPI)

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