Zacks Investment Research upgraded shares of Laredo Petroleum (NYSE:LPI) from a hold rating to a buy rating in a report issued on Wednesday morning, Zacks.com reports. They currently have $3.25 price objective on the oil and gas producer’s stock.
According to Zacks, “Laredo Petroleum Holdings, Inc. is engaged in the exploration, development and acquisition of oil and natural gas properties in the Permian and Mid-Continent regions of the United States. Laredo Petroleum Holdings, Inc. is headquartered in Tulsa, Oklahoma. “
Other equities research analysts have also issued research reports about the company. Credit Suisse Group upgraded Laredo Petroleum from an underperform rating to a neutral rating and set a $2.83 price target on the stock in a research note on Tuesday, July 9th. They noted that the move was a valuation call. Capital One Financial upgraded Cimarex Energy from an equal weight rating to an overweight rating in a research note on Thursday, May 23rd. Williams Capital upgraded Laredo Petroleum from a hold rating to a buy rating and boosted their price target for the stock from $4.00 to $5.50 in a research note on Thursday, May 16th. Finally, Robert W. Baird boosted their price target on Carvana from $65.00 to $85.00 and gave the stock an outperform rating in a research note on Thursday, May 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. Laredo Petroleum currently has a consensus rating of Hold and a consensus target price of $6.51.
Shares of LPI stock opened at $3.09 on Wednesday. Laredo Petroleum has a fifty-two week low of $2.40 and a fifty-two week high of $10.02. The stock has a market capitalization of $730.95 million, a price-to-earnings ratio of 3.86 and a beta of 1.47. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.85 and a quick ratio of 0.85. The business’s 50-day simple moving average is $2.75.
Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas producer reported $0.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.02. Laredo Petroleum had a return on equity of 17.30% and a net margin of 21.68%. The business had revenue of $208.95 million for the quarter, compared to analyst estimates of $198.64 million. During the same quarter in the previous year, the firm earned $0.24 earnings per share. The company’s revenue was down 19.5% on a year-over-year basis. As a group, equities analysts expect that Laredo Petroleum will post 0.74 earnings per share for the current year.
Institutional investors have recently added to or reduced their stakes in the stock. Pitcairn Co. acquired a new stake in shares of Laredo Petroleum during the fourth quarter worth about $42,000. Cornerstone Investment Partners LLC acquired a new position in Laredo Petroleum in the first quarter valued at approximately $51,000. PNC Financial Services Group Inc. lifted its holdings in Laredo Petroleum by 155.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 18,773 shares of the oil and gas producer’s stock valued at $67,000 after acquiring an additional 11,427 shares during the period. Amalgamated Bank lifted its holdings in Laredo Petroleum by 25.4% in the fourth quarter. Amalgamated Bank now owns 23,366 shares of the oil and gas producer’s stock valued at $85,000 after acquiring an additional 4,735 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in Laredo Petroleum by 26.5% in the fourth quarter. CIBC Asset Management Inc now owns 23,405 shares of the oil and gas producer’s stock valued at $85,000 after acquiring an additional 4,896 shares during the period. 96.45% of the stock is owned by hedge funds and other institutional investors.
About Laredo Petroleum
Laredo Petroleum, Inc, an independent energy company, engages in the acquisition, exploration, and development of oil and natural gas properties in the Permian Basin of West Texas, the United States. The company also provides midstream and marketing services comprising transportation and marketing of oil and natural gas; and natural gas lift systems, crude oil and natural gas gathering, and water delivery and takeaway services.
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