Laredo Petroleum, Inc. (LPI) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS
Laredo Petroleum, Inc. (NYSE:LPI) posted its quarterly earnings data on Wednesday. The oil and gas producer reported $0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.01), Briefing.com reports. Laredo Petroleum had a net margin of 15.92% and a return on equity of 47.82%. The business had revenue of $205.82 million during the quarter, compared to analysts’ expectations of $178.48 million. During the same period in the previous year, the business posted $0.12 EPS. The company’s revenue for the quarter was up 28.9% compared to the same quarter last year.
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A number of research analysts recently issued reports on LPI shares. Bank of America Corporation started coverage on shares of Laredo Petroleum in a research note on Wednesday, July 19th. They issued an “underperform” rating and a $11.00 price target for the company. Cowen and Company set a $12.00 price target on shares of Laredo Petroleum and gave the stock a “hold” rating in a research note on Tuesday, July 18th. Williams Capital lifted their price target on shares of Laredo Petroleum from $13.00 to $14.00 and gave the stock a “hold” rating in a research note on Wednesday, October 18th. BMO Capital Markets set a $14.00 price target on shares of Laredo Petroleum and gave the stock a “hold” rating in a research note on Tuesday, October 10th. Finally, Piper Jaffray Companies decreased their price target on shares of Laredo Petroleum from $17.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, September 18th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company. Laredo Petroleum presently has an average rating of “Hold” and an average target price of $14.45.
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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