Laredo Petroleum, Inc. (NYSE:LPI) Expected to Announce Quarterly Sales of $269.09 Million

Wall Street brokerages predict that Laredo Petroleum, Inc. (NYSE:LPI) will post $269.09 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Laredo Petroleum’s earnings, with estimates ranging from $217.79 million to $355.00 million. Laredo Petroleum reported sales of $173.55 million in the same quarter last year, which indicates a positive year over year growth rate of 55.1%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, November 3rd.

On average, analysts expect that Laredo Petroleum will report full-year sales of $1.00 billion for the current year, with estimates ranging from $765.00 million to $1.29 billion. For the next year, analysts anticipate that the firm will report sales of $1.24 billion, with estimates ranging from $1.07 billion to $1.40 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Laredo Petroleum.

Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings results on Wednesday, August 4th. The oil and gas producer reported $1.71 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.84 by ($1.13). The business had revenue of $294.37 million for the quarter, compared to analyst estimates of $212.16 million. Laredo Petroleum had a negative return on equity of 499.97% and a negative net margin of 67.47%.

LPI has been the topic of several research reports. Siebert Williams Shank cut shares of Laredo Petroleum from a “buy” rating to a “hold” rating and set a $66.00 price target on the stock. in a research report on Thursday, July 8th. Wells Fargo & Company reduced their price target on shares of Laredo Petroleum from $71.00 to $61.00 and set an “underweight” rating on the stock in a research report on Monday, August 23rd. Finally, Raymond James increased their price target on shares of Laredo Petroleum from $52.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, July 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Laredo Petroleum has an average rating of “Hold” and a consensus price target of $62.60.

Shares of LPI traded up $0.21 during mid-day trading on Friday, hitting $82.25. 20,004 shares of the company’s stock were exchanged, compared to its average volume of 643,208. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -1.60 and a beta of 4.74. Laredo Petroleum has a fifty-two week low of $7.71 and a fifty-two week high of $99.26. The stock’s 50-day moving average is $55.17 and its 200-day moving average is $52.64.

In related news, CEO M. Jason Pigott sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 10th. The shares were sold at an average price of $48.12, for a total value of $240,600.00. Following the sale, the chief executive officer now owns 129,443 shares of the company’s stock, valued at $6,228,797.16. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.30% of the stock is owned by company insiders.

A number of institutional investors have recently made changes to their positions in LPI. Advisor Group Holdings Inc. increased its stake in Laredo Petroleum by 432.7% in the second quarter. Advisor Group Holdings Inc. now owns 261 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 212 shares during the last quarter. The PNC Financial Services Group Inc. increased its stake in Laredo Petroleum by 140.8% in the first quarter. The PNC Financial Services Group Inc. now owns 1,310 shares of the oil and gas producer’s stock valued at $39,000 after purchasing an additional 766 shares during the last quarter. FORA Capital LLC increased its stake in Laredo Petroleum by 26.7% in the first quarter. FORA Capital LLC now owns 1,728 shares of the oil and gas producer’s stock valued at $52,000 after purchasing an additional 364 shares during the last quarter. Payden & Rygel purchased a new position in Laredo Petroleum in the first quarter valued at approximately $75,000. Finally, Schroder Investment Management Group purchased a new position in Laredo Petroleum in the first quarter valued at approximately $82,000. Institutional investors own 55.34% of the company’s stock.

Laredo Petroleum Company Profile

Laredo Petroleum, Inc engages in the exploration, development and acquisition of oil and natural gas properties. It operates in the Permian Basin in West Texas. The company was founded by Randy A. Foutch in October 2006 and is headquartered in Tulsa, OK.

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Earnings History and Estimates for Laredo Petroleum (NYSE:LPI)

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