Piper Jaffray Companies Cuts Laredo Petroleum, Inc. (LPI) Price Target to $15.00
Laredo Petroleum, Inc. (NYSE:LPI) had its price objective decreased by Piper Jaffray Companies from $17.00 to $15.00 in a research report report published on Monday morning. Piper Jaffray Companies currently has an overweight rating on the oil and gas producer’s stock.
Other analysts have also issued reports about the stock. Zacks Investment Research lowered shares of Laredo Petroleum from a hold rating to a sell rating in a research report on Tuesday, July 18th. BMO Capital Markets set a $14.00 price target on shares of Laredo Petroleum and gave the company a hold rating in a research report on Sunday, August 13th. Cowen and Company reiterated a hold rating and issued a $12.00 price target on shares of Laredo Petroleum in a research report on Sunday. KeyCorp reiterated a hold rating on shares of Laredo Petroleum in a research report on Friday, September 1st. Finally, BidaskClub upgraded shares of Laredo Petroleum from a strong sell rating to a sell rating in a research report on Wednesday, July 5th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the stock. The company has an average rating of Hold and an average price target of $14.73.
Laredo Petroleum (NYSE LPI) opened at 12.86 on Monday. Laredo Petroleum has a 1-year low of $9.57 and a 1-year high of $16.47. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 25.98 and a beta of 1.44. The firm has a 50-day moving average of $12.14 and a 200-day moving average of $12.35.
Laredo Petroleum (NYSE:LPI) last issued its earnings results on Monday, August 7th. The oil and gas producer reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.01). Laredo Petroleum had a return on equity of 49.15% and a net margin of 16.73%. The company had revenue of $187.00 million for the quarter, compared to analyst estimates of $173.32 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The company’s quarterly revenue was up 27.5% compared to the same quarter last year. Equities research analysts anticipate that Laredo Petroleum will post $0.52 EPS for the current year.
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Several hedge funds have recently modified their holdings of LPI. Evanson Asset Management LLC purchased a new position in shares of Laredo Petroleum in the 2nd quarter valued at $108,000. Quantbot Technologies LP purchased a new position in shares of Laredo Petroleum in the 1st quarter valued at $114,000. Meeder Asset Management Inc. raised its stake in shares of Laredo Petroleum by 282.5% in the 1st quarter. Meeder Asset Management Inc. now owns 8,093 shares of the oil and gas producer’s stock valued at $118,000 after acquiring an additional 5,977 shares during the period. Koch Industries Inc. purchased a new position in shares of Laredo Petroleum in the 2nd quarter valued at $129,000. Finally, QCM Cayman Ltd. purchased a new position in shares of Laredo Petroleum in the 2nd quarter valued at $133,000.
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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