Credit Suisse Group AG downgraded shares of Laredo Petroleum Inc. (NYSE:LPI) from a neutral rating to an underperform rating in a report published on Thursday. Credit Suisse Group AG currently has $9.00 price target on the stock.
Several other equities analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Laredo Petroleum from a buy rating to a hold rating in a report on Thursday, August 11th. Williams Capital initiated coverage on shares of Laredo Petroleum in a report on Monday, August 29th. They issued a hold rating and a $14.00 price target for the company. Capital One Financial Corp. raised shares of Laredo Petroleum from an equal weight rating to an overweight rating and set a $15.00 price target for the company in a report on Wednesday, August 24th. Seaport Global Securities raised shares of Laredo Petroleum from a sell rating to a neutral rating and boosted their price target for the company from $8.00 to $11.00 in a report on Tuesday, August 30th. Finally, Raymond James Financial Inc. upped their target price on shares of Laredo Petroleum from $16.00 to $17.00 and gave the stock an outperform rating in a research note on Thursday, September 8th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $12.61.
Shares of Laredo Petroleum (NYSE:LPI) opened at 13.12 on Thursday. The firm’s market capitalization is $2.93 billion. Laredo Petroleum has a 12 month low of $3.90 and a 12 month high of $13.93. The stock has a 50 day moving average price of $12.50 and a 200 day moving average price of $11.42.
Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by $0.43. Laredo Petroleum had a negative net margin of 391.74% and a positive return on equity of 24.95%. The firm earned $146.77 million during the quarter, compared to analyst estimates of $138.30 million. During the same period last year, the firm earned $0.05 EPS. Laredo Petroleum’s quarterly revenue was down 19.5% on a year-over-year basis. On average, analysts expect that Laredo Petroleum will post $0.47 earnings per share for the current year.
In other news, VP Patrick J. Curth sold 17,000 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $12.57, for a total value of $213,690.00. Following the sale, the vice president now owns 172,926 shares of the company’s stock, valued at $2,173,679.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.50% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Geduld E E acquired a new stake in Laredo Petroleum during the second quarter valued at about $105,000. Visium Asset Management LP purchased a new position in shares of Laredo Petroleum during the second quarter valued at approximately $111,000. Seven Eight Capital LLC purchased a new position in shares of Laredo Petroleum during the second quarter valued at approximately $115,000. Jane Street Group LLC purchased a new position in shares of Laredo Petroleum during the second quarter valued at approximately $130,000. Finally, IBM Retirement Fund boosted its position in shares of Laredo Petroleum by 8.8% in the second quarter. IBM Retirement Fund now owns 13,548 shares of the company’s stock valued at $142,000 after buying an additional 1,099 shares in the last quarter. 98.78% of the stock is currently owned by institutional investors.
Laredo Petroleum Company Profile
Laredo Petroleum, Inc (Laredo) is an independent energy company 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. The Company’s segments include Exploration and production, and Midstream and marketing.
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