Laredo Petroleum (NYSE:LPI) PT Lowered to $4.00 at Wells Fargo & Co

Laredo Petroleum (NYSE:LPI) had its price target cut by investment analysts at Wells Fargo & Co from $5.00 to $4.00 in a research note issued to investors on Thursday, January 9th, BenzingaRatingsTable reports. The brokerage presently has an “equal weight” rating on the oil and gas producer’s stock. Wells Fargo & Co‘s price objective suggests a potential upside of 59.36% from the company’s current price.

LPI has been the topic of a number of other research reports. Zacks Investment Research cut shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Goldman Sachs Group cut shares of Laredo Petroleum from a “neutral” rating to a “sell” rating and cut their price objective for the company from $2.50 to $2.00 in a research report on Tuesday, December 17th. ValuEngine upgraded shares of Laredo Petroleum from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Williams Capital reiterated a “buy” rating and set a $4.50 price objective on shares of Laredo Petroleum in a research report on Tuesday, December 10th. Finally, Stifel Nicolaus boosted their price objective on shares of Laredo Petroleum from $5.50 to $5.60 and gave the company a “buy” rating in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Laredo Petroleum currently has an average rating of “Hold” and a consensus target price of $4.39.

Shares of LPI stock traded up $0.04 during mid-day trading on Thursday, hitting $2.51. The company had a trading volume of 106,620 shares, compared to its average volume of 5,317,288. Laredo Petroleum has a 52-week low of $2.03 and a 52-week high of $4.10. The stock’s 50 day moving average price is $2.63 and its 200-day moving average price is $2.61. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.54 and a quick ratio of 1.54. The company has a market capitalization of $604.69 million, a P/E ratio of 2.70 and a beta of 1.79.

Laredo Petroleum (NYSE:LPI) last released its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.02. The company had revenue of $193.57 million for the quarter, compared to the consensus estimate of $215.83 million. Laredo Petroleum had a net margin of 5.87% and a return on equity of 14.25%. During the same quarter in the prior year, the firm earned $0.27 earnings per share. On average, equities research analysts expect that Laredo Petroleum will post 0.79 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its holdings in Laredo Petroleum by 0.5% during the 2nd quarter. BlackRock Inc. now owns 23,796,348 shares of the oil and gas producer’s stock worth $69,009,000 after acquiring an additional 108,559 shares in the last quarter. Luminus Management LLC lifted its position in shares of Laredo Petroleum by 286.6% during the second quarter. Luminus Management LLC now owns 10,695,485 shares of the oil and gas producer’s stock valued at $31,017,000 after buying an additional 7,929,185 shares during the last quarter. Millennium Management LLC raised its position in shares of Laredo Petroleum by 309.8% in the 3rd quarter. Millennium Management LLC now owns 5,171,889 shares of the oil and gas producer’s stock valued at $12,464,000 after purchasing an additional 3,909,877 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Laredo Petroleum by 352.2% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 3,602,580 shares of the oil and gas producer’s stock valued at $10,447,000 after purchasing an additional 2,805,931 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Laredo Petroleum by 1.9% in the 2nd quarter. Northern Trust Corp now owns 2,004,506 shares of the oil and gas producer’s stock valued at $5,813,000 after purchasing an additional 36,564 shares during the last quarter. Institutional investors own 96.77% of the company’s stock.

About Laredo Petroleum

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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