Laredo Petroleum (LPI) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Laredo Petroleum (NYSE:LPI) from a buy rating to a hold rating in a report released on Thursday.

According to Zacks, “Laredo Petroleum Holdings, Inc. is engaged in the exploration, development and acquisition of oil and natural gas properties in the Permian and Mid-Continent regions of the United States. Laredo Petroleum Holdings, Inc. is headquartered in Tulsa, Oklahoma. “

Several other research firms also recently commented on LPI. Bank of America cut their price objective on Laredo Petroleum from $12.00 to $11.00 and set an underperform rating for the company in a report on Thursday, August 2nd. Piper Jaffray Companies set a $14.00 price objective on Laredo Petroleum and gave the company a buy rating in a report on Sunday, August 5th. Finally, Williams Capital reissued a hold rating and issued a $10.00 price objective on shares of Laredo Petroleum in a report on Tuesday, August 21st. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Laredo Petroleum currently has a consensus rating of Hold and a consensus price target of $11.93.

Shares of NYSE LPI traded down $0.28 during trading hours on Thursday, hitting $5.29. The company had a trading volume of 5,378,416 shares, compared to its average volume of 6,567,377. The company has a market cap of $1.24 billion, a PE ratio of 8.82, a PEG ratio of 0.96 and a beta of 1.59. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.94. Laredo Petroleum has a 1-year low of $4.82 and a 1-year high of $11.68.

Laredo Petroleum (NYSE:LPI) last released its quarterly earnings data on Wednesday, August 1st. The oil and gas producer reported $0.25 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.04). The company had revenue of $351.05 million during the quarter, compared to analyst estimates of $225.75 million. Laredo Petroleum had a net margin of 51.05% and a return on equity of 25.80%. The company’s quarterly revenue was up 87.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.10 EPS. As a group, sell-side analysts predict that Laredo Petroleum will post 1.1 EPS for the current fiscal year.

In related news, major shareholder Pincus Private Equity Warburg sold 14,200,000 shares of the stock in a transaction on Tuesday, September 11th. The stock was sold at an average price of $7.42, for a total value of $105,364,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Peter Kagan sold 12,300,000 shares of the stock in a transaction on Thursday, September 27th. The shares were sold at an average price of $8.08, for a total value of $99,384,000.00. Following the completion of the sale, the director now owns 115,107 shares in the company, valued at approximately $930,064.56. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its position in Laredo Petroleum by 60.3% during the 2nd quarter. BlackRock Inc. now owns 10,509,841 shares of the oil and gas producer’s stock worth $101,104,000 after buying an additional 3,954,104 shares during the period. Dimensional Fund Advisors LP increased its position in Laredo Petroleum by 52.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,234,971 shares of the oil and gas producer’s stock worth $69,599,000 after buying an additional 2,487,113 shares during the period. Van ECK Associates Corp increased its position in Laredo Petroleum by 1.2% during the 2nd quarter. Van ECK Associates Corp now owns 3,550,734 shares of the oil and gas producer’s stock worth $34,158,000 after buying an additional 41,078 shares during the period. LSV Asset Management increased its position in Laredo Petroleum by 267.0% during the 2nd quarter. LSV Asset Management now owns 3,452,709 shares of the oil and gas producer’s stock worth $33,215,000 after buying an additional 2,512,009 shares during the period. Finally, Waddell & Reed Financial Inc. increased its position in Laredo Petroleum by 2.4% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 3,036,165 shares of the oil and gas producer’s stock worth $29,208,000 after buying an additional 70,700 shares during the period.

About Laredo Petroleum

Laredo Petroleum, Inc operates as an independent energy company in the United States. It operates through two segments, Exploration and Production; and Midstream and Marketing. The company engages in the acquisition, exploration, and development of oil and natural gas properties; and the transportation of oil and natural gas primarily in the Permian Basin in West Texas, as well as rig fuel, natural gas lift, and water delivery and takeaway services.

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