Laredo Petroleum (NYSE:LPI) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Laredo Petroleum (NYSE:LPI) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Zacks.com reports. The firm currently has $3.25 price objective on the oil and gas producer’s stock.

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. “

LPI has been the subject of a number of other reports. Williams Capital upgraded Laredo Petroleum from a hold rating to a buy rating and upped their target price for the company from $4.00 to $5.50 in a research note on Thursday, May 16th. Robert W. Baird upped their target price on Carvana from $65.00 to $85.00 and gave the company an outperform rating in a research note on Thursday, May 9th. Credit Suisse Group upgraded Laredo Petroleum from an underperform rating to a neutral rating and set a $2.83 target price for the company in a research note on Tuesday. They noted that the move was a valuation call. Finally, Capital One Financial upgraded Cimarex Energy from an equal weight rating to an overweight rating in a research note on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $6.51.

Shares of NYSE LPI traded up $0.05 during trading hours on Wednesday, reaching $2.99. The stock had a trading volume of 3,834,447 shares, compared to its average volume of 5,150,987. The stock has a fifty day moving average price of $2.75. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $695.47 million, a P/E ratio of 3.22 and a beta of 1.47. Laredo Petroleum has a twelve month low of $2.40 and a twelve month high of $10.02.

Laredo Petroleum (NYSE:LPI) last issued its earnings results on Wednesday, May 1st. The oil and gas producer reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. The business had revenue of $208.95 million during the quarter, compared to analyst estimates of $198.64 million. Laredo Petroleum had a return on equity of 17.30% and a net margin of 21.68%. Laredo Petroleum’s revenue was down 19.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 earnings per share. Research analysts predict that Laredo Petroleum will post 0.74 earnings per share for the current year.

A number of large investors have recently made changes to their positions in LPI. Oregon Public Employees Retirement Fund bought a new stake in Laredo Petroleum in the fourth quarter valued at $209,000. First Trust Advisors LP grew its position in Laredo Petroleum by 7.1% in the fourth quarter. First Trust Advisors LP now owns 328,892 shares of the oil and gas producer’s stock valued at $1,191,000 after acquiring an additional 21,841 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Laredo Petroleum by 155.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 18,773 shares of the oil and gas producer’s stock worth $67,000 after purchasing an additional 11,427 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Laredo Petroleum by 2.8% during the fourth quarter. BlackRock Inc. now owns 23,586,126 shares of the oil and gas producer’s stock worth $85,382,000 after purchasing an additional 641,490 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Laredo Petroleum by 171.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,602,765 shares of the oil and gas producer’s stock worth $20,282,000 after purchasing an additional 3,537,075 shares during the last quarter. Hedge funds and other institutional investors own 96.45% of the company’s stock.

Laredo Petroleum Company Profile

Laredo Petroleum, Inc, an independent energy company, engages in the acquisition, exploration, and development of oil and natural gas properties in the Permian Basin of West Texas, the United States. The company also provides midstream and marketing services comprising transportation and marketing of oil and natural gas; and natural gas lift systems, crude oil and natural gas gathering, and water delivery and takeaway services.

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