Laredo Petroleum Inc (NYSE:LPI) – Research analysts at KeyCorp lowered their FY2019 earnings per share estimates for shares of Laredo Petroleum in a research note issued to investors on Wednesday. KeyCorp analyst C. Stevens now anticipates that the oil and gas producer will post earnings per share of $1.01 for the year, down from their previous estimate of $1.16. KeyCorp has a “Hold” rating on the stock.
Several other equities research analysts have also weighed in on the company. Credit Suisse Group started coverage on Laredo Petroleum in a report on Monday, December 11th. They issued a “neutral” rating and a $12.00 target price for the company. Zacks Investment Research upgraded Laredo Petroleum from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a report on Wednesday, January 24th. Piper Jaffray Companies restated a “buy” rating and issued a $15.00 target price on shares of Laredo Petroleum in a report on Tuesday, January 30th. National Securities started coverage on Laredo Petroleum in a report on Tuesday, January 16th. They issued a “buy” rating for the company. Finally, BMO Capital Markets reduced their target price on Laredo Petroleum from $14.00 to $11.00 and set a “market perform” rating for the company in a report on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company’s stock. Laredo Petroleum has an average rating of “Hold” and a consensus price target of $13.03.
Laredo Petroleum (NYSE:LPI) traded up $0.22 on Monday, reaching $8.61. The company had a trading volume of 2,691,611 shares, compared to its average volume of 3,611,411. Laredo Petroleum has a 12-month low of $7.41 and a 12-month high of $15.15. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.03. The firm has a market cap of $2,030.00, a price-to-earnings ratio of 3.78, a P/E/G ratio of 1.67 and a beta of 1.21.
Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings results on Wednesday, February 14th. The oil and gas producer reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.01. Laredo Petroleum had a return on equity of 30.02% and a net margin of 66.77%. The business had revenue of $240.34 million during the quarter, compared to analyst estimates of $212.57 million. During the same period in the previous year, the company earned $0.16 EPS. The firm’s revenue was up 30.4% on a year-over-year basis.
Hedge funds and other institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN increased its position in Laredo Petroleum by 24.4% in the 2nd quarter. Wells Fargo & Company MN now owns 218,884 shares of the oil and gas producer’s stock worth $2,304,000 after buying an additional 42,994 shares during the period. Chicago Equity Partners LLC bought a new position in Laredo Petroleum in the 3rd quarter worth approximately $1,177,000. Legal & General Group Plc increased its position in Laredo Petroleum by 18.4% in the 3rd quarter. Legal & General Group Plc now owns 62,768 shares of the oil and gas producer’s stock worth $812,000 after buying an additional 9,754 shares during the period. Campbell & CO Investment Adviser LLC bought a new position in Laredo Petroleum in the 3rd quarter worth approximately $340,000. Finally, BNP Paribas Arbitrage SA increased its position in Laredo Petroleum by 64.2% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 27,485 shares of the oil and gas producer’s stock worth $355,000 after buying an additional 10,750 shares during the period.
Laredo Petroleum declared that its Board of Directors has approved a stock buyback program on Wednesday, February 14th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the oil and gas producer to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
Laredo Petroleum Company Profile
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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