Laredo Petroleum, Inc. (LPI) Shares Gap Up on Analyst Upgrade
Laredo Petroleum, Inc. (NYSE:LPI)’s share price gapped up before the market opened on Thursday after KLR Group raised their price target on the stock to $18.00. The stock had previously closed at $13.79, but opened at $14.33. Laredo Petroleum shares last traded at $14.45, with a volume of 6,749,087 shares changing hands.
A number of other equities analysts have also recently weighed in on LPI. Zacks Investment Research cut Laredo Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, October 26th. J P Morgan Chase & Co reissued a “hold” rating on shares of Laredo Petroleum in a report on Thursday, November 3rd. Barclays PLC reissued a “buy” rating and set a $16.00 price objective on shares of Laredo Petroleum in a report on Wednesday, November 16th. Drexel Hamilton initiated coverage on Laredo Petroleum in a report on Thursday, December 15th. They set a “buy” rating and a $18.75 price objective on the stock. Finally, BMO Capital Markets reissued a “hold” rating and set a $15.00 price objective on shares of Laredo Petroleum in a report on Wednesday, January 11th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $13.56.
Several large investors have recently added to or reduced their stakes in LPI. BlackRock Japan Co. Ltd raised its stake in Laredo Petroleum by 2.0% in the third quarter. BlackRock Japan Co. Ltd now owns 34,662 shares of the company’s stock valued at $447,000 after buying an additional 691 shares in the last quarter. Utah Retirement Systems raised its stake in Laredo Petroleum by 7.4% in the third quarter. Utah Retirement Systems now owns 26,166 shares of the company’s stock valued at $338,000 after buying an additional 1,800 shares in the last quarter. Amalgamated Bank raised its stake in Laredo Petroleum by 12.8% in the second quarter. Amalgamated Bank now owns 16,206 shares of the company’s stock valued at $182,000 after buying an additional 1,838 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake 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 company’s stock valued at $2,189,000 after buying an additional 2,543 shares in the last quarter. Finally, Zacks Investment Management raised its stake in Laredo Petroleum by 4.4% in the third quarter. Zacks Investment Management now owns 82,339 shares of the company’s stock valued at $1,062,000 after buying an additional 3,486 shares in the last quarter.
The firm’s 50 day moving average is $14.04 and its 200-day moving average is $13.22. The stock’s market cap is $3.44 billion.
Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings data on Wednesday, February 15th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.16. Laredo Petroleum had a positive return on equity of 123.07% and a negative net margin of 225.04%. Equities research analysts predict that Laredo Petroleum, Inc. will post $0.50 EPS for the current fiscal year.
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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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