Laredo Petroleum, Inc. (LPI) Receives Average Rating of “Hold” from Brokerages

Shares of Laredo Petroleum, Inc. (NYSE:LPI) have been given a consensus recommendation of “Hold” by the twenty brokerages that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $15.75.

LPI has been the subject of several recent research reports. Scotiabank set a $15.00 price objective on Laredo Petroleum and gave the company a “hold” rating in a research note on Monday, March 27th. Williams Capital set a $16.00 target price on Laredo Petroleum and gave the stock a “hold” rating in a research report on Thursday, May 4th. Credit Suisse Group reissued an “underperform” rating and set a $15.00 target price on shares of Laredo Petroleum in a research report on Friday, June 2nd. TheStreet raised Laredo Petroleum from a “d-” rating to a “c-” rating in a research report on Wednesday, May 3rd. Finally, BMO Capital Markets reissued a “hold” rating on shares of Laredo Petroleum in a research report on Thursday, May 4th.

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Laredo Petroleum (NYSE LPI) traded up 0.83% during mid-day trading on Tuesday, hitting $9.77. The company had a trading volume of 10,013,653 shares. Laredo Petroleum has a 52-week low of $9.20 and a 52-week high of $16.47. The company has a 50-day moving average price of $12.00 and a 200 day moving average price of $13.44. The company’s market capitalization is $2.34 billion.

Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings data on Wednesday, May 3rd. The oil and gas producer reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by $0.01. The company had revenue of $189 million during the quarter, compared to analysts’ expectations of $164.39 million. Laredo Petroleum had a negative net margin of 1.78% and a positive return on equity of 75.64%. The business’s quarterly revenue was up 77.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.08 EPS. On average, analysts forecast that Laredo Petroleum will post $0.55 EPS for the current fiscal year.

In other news, Director Peter Kagan sold 163,207 shares of the business’s stock in a transaction on Friday, March 31st. The stock was sold at an average price of $14.34, for a total value of $2,340,388.38. Following the completion of the transaction, the director now directly owns 68,006 shares of the company’s stock, valued at $975,206.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Patrick J. Curth sold 43,830 shares of the business’s stock in a transaction on Friday, March 31st. The stock was sold at an average price of $14.41, for a total value of $631,590.30. Following the completion of the transaction, the vice president now directly owns 232,386 shares of the company’s stock, valued at $3,348,682.26. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in LPI. Amalgamated Bank raised its position in Laredo Petroleum by 3.1% in the first quarter. Amalgamated Bank now owns 20,647 shares of the oil and gas producer’s stock valued at $301,000 after buying an additional 622 shares during the last quarter. CIBC World Markets Inc. raised its position in Laredo Petroleum by 7.2% in the first quarter. CIBC World Markets Inc. now owns 17,010 shares of the oil and gas producer’s stock valued at $248,000 after buying an additional 1,136 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in Laredo Petroleum by 2.0% in the first quarter. Public Employees Retirement System of Ohio now owns 69,338 shares of the oil and gas producer’s stock valued at $1,012,000 after buying an additional 1,327 shares during the last quarter. Teacher Retirement System of Texas raised its position in Laredo Petroleum by 13.0% in the first quarter. Teacher Retirement System of Texas now owns 12,416 shares of the oil and gas producer’s stock valued at $181,000 after buying an additional 1,429 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its position in Laredo Petroleum by 1.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 154,842 shares of the oil and gas producer’s stock valued at $2,189,000 after buying an additional 2,543 shares during the last quarter.

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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