Laredo Petroleum, Inc. (LPI) Earns Underperform Rating from Analysts at Bank of America Corporation
Bank of America Corporation assumed coverage on shares of Laredo Petroleum, Inc. (NYSE:LPI) in a research report sent to investors on Wednesday morning. The brokerage issued an underperform rating and a $11.00 price objective on the oil and gas producer’s stock.
Several other research firms have also recently commented on LPI. Credit Suisse Group reissued an underperform rating and issued a $15.00 target price on shares of Laredo Petroleum in a research note on Friday, June 2nd. UBS AG initiated coverage on Laredo Petroleum in a research note on Thursday, March 23rd. They issued a neutral rating and a $14.00 target price for the company. BidaskClub cut Laredo Petroleum from a sell rating to a strong sell rating in a research note on Wednesday, June 21st. Scotiabank set a $15.00 target price on Laredo Petroleum and gave the company a hold rating in a research note on Monday, March 27th. Finally, BMO Capital Markets reissued a hold rating and issued a $10.00 target price on shares of Laredo Petroleum in a research note on Tuesday, June 27th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. Laredo Petroleum presently has an average rating of Hold and an average target price of $14.63.
Shares of Laredo Petroleum (NYSE:LPI) traded up 1.05% on Wednesday, reaching $12.50. The company had a trading volume of 5,791,588 shares. The firm’s market cap is $2.99 billion. The company has a 50-day moving average price of $10.97 and a 200-day moving average price of $12.90. Laredo Petroleum has a one year low of $9.20 and a one year high of $16.47.
Laredo Petroleum (NYSE:LPI) last released its earnings results on Wednesday, May 3rd. The oil and gas producer reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by $0.01. The firm had revenue of $189 million during the quarter, compared to analyst estimates of $164.39 million. Laredo Petroleum had a negative net margin of 1.78% and a positive return on equity of 75.64%. The firm’s quarterly revenue was up 77.3% on a year-over-year basis. During the same period last year, the business posted $0.08 earnings per share. On average, analysts expect that Laredo Petroleum will post $0.52 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Comerica Bank boosted its position in Laredo Petroleum by 37.4% in the fourth quarter. Comerica Bank now owns 18,762 shares of the oil and gas producer’s stock worth $259,000 after buying an additional 5,107 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Laredo Petroleum by 22.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 934,914 shares of the oil and gas producer’s stock worth $13,220,000 after buying an additional 171,994 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Laredo Petroleum during the fourth quarter worth about $4,382,000. Norges Bank acquired a new position in Laredo Petroleum during the fourth quarter worth about $25,204,000. Finally, Highbridge Capital Management LLC acquired a new position in Laredo Petroleum during the fourth quarter worth about $392,000.
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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