Laredo Petroleum (LPI) Coverage Initiated at MKM Partners

MKM Partners started coverage on shares of Laredo Petroleum (NYSE:LPI) in a note issued to investors on Wednesday, The Fly reports. The firm set a “buy” rating and a $9.00 price target on the oil and gas producer’s stock. MKM Partners’ price objective indicates a potential upside of 89.47% from the company’s previous close.

A number of other equities analysts also recently issued reports on LPI. Williams Capital restated a “hold” rating and set a $10.00 price objective on shares of Laredo Petroleum in a research report on Tuesday, August 21st. Zacks Investment Research upgraded Laredo Petroleum from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a report on Friday, October 26th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $11.23.

Shares of LPI traded down $0.38 during mid-day trading on Wednesday, reaching $4.75. 5,713,758 shares of the company were exchanged, compared to its average volume of 5,671,407. Laredo Petroleum has a 52 week low of $4.35 and a 52 week high of $11.68. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.73 and a quick ratio of 0.73. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 7.92, a price-to-earnings-growth ratio of 0.99 and a beta of 1.62.

Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings data on Monday, November 5th. The oil and gas producer reported $0.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.03). Laredo Petroleum had a return on equity of 24.30% and a net margin of 51.61%. The company had revenue of $279.70 million for the quarter, compared to the consensus estimate of $276.95 million. During the same quarter last year, the business earned $0.13 earnings per share. Laredo Petroleum’s revenue was up 35.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Laredo Petroleum will post 1.02 EPS for the current year.

In other news, Director Peter Kagan sold 12,300,000 shares of the business’s stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $8.08, for a total transaction of $99,384,000.00. Following the completion of the sale, the director now owns 115,107 shares in the company, valued at $930,064.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Pincus Private Equity Warburg sold 14,200,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $7.42, for a total value of $105,364,000.00. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Martingale Asset Management L P purchased a new position in shares of Laredo Petroleum during the second quarter valued at approximately $100,000. Creative Planning purchased a new position in shares of Laredo Petroleum during the second quarter valued at approximately $108,000. DekaBank Deutsche Girozentrale boosted its position in shares of Laredo Petroleum by 354.8% during the third quarter. DekaBank Deutsche Girozentrale now owns 12,279 shares of the oil and gas producer’s stock valued at $102,000 after buying an additional 9,579 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new position in Laredo Petroleum in the third quarter worth $117,000. Finally, First Hawaiian Bank purchased a new position in Laredo Petroleum in the third quarter worth $120,000.

Laredo Petroleum Company Profile

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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