Shares of Laredo Petroleum Inc (NYSE:LPI) have been given a consensus recommendation of “Hold” by the seventeen research firms that are covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $12.09.
LPI has been the topic of several analyst reports. Bank of America decreased their price target on Laredo Petroleum from $12.00 to $11.00 and set an “underperform” rating on the stock in a research report on Thursday, August 2nd. Piper Jaffray Companies set a $14.00 price target on Laredo Petroleum and gave the company a “buy” rating in a research report on Sunday, August 5th. Williams Capital reiterated a “hold” rating and set a $10.00 price target on shares of Laredo Petroleum in a research report on Tuesday, August 21st. Finally, Zacks Investment Research upgraded Laredo Petroleum from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research report on Friday, October 26th.
Shares of LPI opened at $5.69 on Friday. Laredo Petroleum has a twelve month low of $4.82 and a twelve month high of $11.68. The stock has a market cap of $1.24 billion, a PE ratio of 9.48, a P/E/G ratio of 0.96 and a beta of 1.59. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.94.
Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings results on Monday, November 5th. The oil and gas producer reported $0.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.03). Laredo Petroleum had a net margin of 51.05% and a return on equity of 25.80%. The company had revenue of $279.70 million for the quarter, compared to the consensus estimate of $276.95 million. During the same quarter in the prior year, the company earned $0.13 earnings per share. The company’s quarterly revenue was up 35.9% on a year-over-year basis. As a group, sell-side analysts predict that Laredo Petroleum will post 1.1 earnings per share for the current fiscal year.
In other news, major shareholder Pincus Private Equity Warburg sold 14,200,000 shares of the stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $7.42, for a total transaction of $105,364,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter Kagan sold 12,300,000 shares of the stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $8.08, for a total value of $99,384,000.00. Following the sale, the director now directly owns 115,107 shares of the company’s stock, valued at approximately $930,064.56. The disclosure for this sale can be found here. 2.20% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in LPI. BlackRock Inc. boosted its stake in shares of Laredo Petroleum by 60.3% during the second quarter. BlackRock Inc. now owns 10,509,841 shares of the oil and gas producer’s stock valued at $101,104,000 after purchasing an additional 3,954,104 shares during the period. LSV Asset Management boosted its stake in shares of Laredo Petroleum by 267.0% during the second quarter. LSV Asset Management now owns 3,452,709 shares of the oil and gas producer’s stock valued at $33,215,000 after purchasing an additional 2,512,009 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Laredo Petroleum by 52.4% during the second quarter. Dimensional Fund Advisors LP now owns 7,234,971 shares of the oil and gas producer’s stock valued at $69,599,000 after purchasing an additional 2,487,113 shares during the period. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Laredo Petroleum during the second quarter valued at approximately $17,730,000. Finally, Schroder Investment Management Group boosted its stake in shares of Laredo Petroleum by 222.0% during the second quarter. Schroder Investment Management Group now owns 2,060,930 shares of the oil and gas producer’s stock valued at $19,352,000 after purchasing an additional 1,420,930 shares during the period.
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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