Laredo Petroleum Inc (LPI) Earns “Hold” Rating from BMO Capital Markets

BMO Capital Markets reaffirmed their hold rating on shares of Laredo Petroleum Inc (NYSE:LPI) in a research note published on Thursday, May 4th.

Other analysts also recently issued reports about the stock. Seaport Global Securities upgraded shares of Laredo Petroleum from a neutral rating to a buy rating in a report on Friday, March 31st. Scotiabank set a $15.00 target price on shares of Laredo Petroleum and gave the stock a hold rating in a report on Monday, March 27th. Stifel Nicolaus assumed coverage on shares of Laredo Petroleum in a report on Wednesday, April 12th. They issued a buy rating and a $18.00 target price on the stock. Barclays PLC restated a buy rating and issued a $18.00 target price (down from $19.00) on shares of Laredo Petroleum in a report on Thursday, April 20th. Finally, Zacks Investment Research downgraded shares of Laredo Petroleum from a buy rating to a hold rating and set a $16.00 target price on the stock. in a report on Tuesday, February 28th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of Buy and an average price target of $14.90.

Shares of Laredo Petroleum (NYSE:LPI) traded up 2.54% during midday trading on Thursday, hitting $12.93. The company had a trading volume of 3,266,092 shares. The firm’s market capitalization is $3.09 billion. Laredo Petroleum has a 1-year low of $9.20 and a 1-year high of $16.47. The stock has a 50 day moving average price of $13.22 and a 200 day moving average price of $13.77.

Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings results on Wednesday, May 3rd. The oil and gas producer reported $0.10 EPS for the quarter, missing the consensus estimate of $0.11 by $0.01. The company had revenue of $189 million during the quarter, compared to analysts’ expectations of $164.39 million. Laredo Petroleum had a positive return on equity of 123.07% and a negative net margin of 225.04%. The firm’s revenue for the quarter was up 77.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.08 EPS. On average, equities analysts anticipate that Laredo Petroleum will post $0.55 EPS for the current fiscal year.

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In related news, Director Peter Kagan sold 163,207 shares of the stock in a transaction that occurred on Friday, March 31st. The shares were sold at an average price of $14.34, for a total transaction of $2,340,388.38. Following the completion of the sale, the director now owns 68,006 shares of the company’s stock, valued at $975,206.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Patrick J. Curth sold 43,830 shares of the stock in a transaction that occurred on Friday, March 31st. The shares were sold at an average price of $14.41, for a total transaction of $631,590.30. Following the sale, the vice president now directly owns 232,386 shares of the company’s stock, valued at approximately $3,348,682.26. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. Zacks Investment Management boosted its stake in Laredo Petroleum by 4.4% in the third quarter. Zacks Investment Management now owns 82,339 shares of the oil and gas producer’s stock worth $1,062,000 after buying an additional 3,486 shares during the last quarter. California State Teachers Retirement System boosted its stake in Laredo Petroleum by 8.1% in the third quarter. California State Teachers Retirement System now owns 315,004 shares of the oil and gas producer’s stock worth $4,064,000 after buying an additional 23,500 shares during the last quarter. Stevens Capital Management LP purchased a new stake in Laredo Petroleum during the third quarter worth approximately $234,000. BlackRock Institutional Trust Company N.A. boosted its position in Laredo Petroleum by 0.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 4,807,580 shares of the oil and gas producer’s stock worth $62,018,000 after buying an additional 39,699 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in Laredo Petroleum by 6.8% in the third quarter. Rhumbline Advisers now owns 109,388 shares of the oil and gas producer’s stock worth $1,411,000 after buying an additional 6,978 shares in the last quarter.

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.

12 Month Chart for NYSE:LPI

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