Zacks Investment Research Lowers Laredo Petroleum (LPI) to Hold

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Laredo Petroleum (NYSE:LPI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

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 several other reports. Raymond James set a $5.00 price target on shares of Laredo Petroleum and gave the company a “buy” rating in a research report on Wednesday, January 23rd. MKM Partners restated a “neutral” rating and set a $3.00 price target (down from $5.00) on shares of Laredo Petroleum in a research report on Friday, February 15th. Societe Generale lowered shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a research report on Friday, February 15th. Williams Capital restated a “hold” rating and set a $5.00 price target on shares of Laredo Petroleum in a research report on Wednesday, January 23rd. Finally, Robert W. Baird upgraded shares of Laredo Petroleum from a “neutral” rating to an “outperform” rating and upped their price target for the company from $3.00 to $7.00 in a research report on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. Laredo Petroleum has an average rating of “Hold” and a consensus target price of $7.03.

Shares of NYSE:LPI opened at $2.96 on Wednesday. Laredo Petroleum has a 52-week low of $2.80 and a 52-week high of $10.43. The firm has a market capitalization of $804.29 million, a P/E ratio of 3.18 and a beta of 1.45. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.92.

Laredo Petroleum (NYSE:LPI) last announced its earnings results on Wednesday, May 1st. The oil and gas producer reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.02. Laredo Petroleum had a net margin of 21.68% and a return on equity of 17.30%. The company had revenue of $208.95 million during the quarter, compared to analyst estimates of $198.64 million. During the same period in the previous year, the business earned $0.24 earnings per share. The firm’s quarterly revenue was down 19.5% compared to the same quarter last year. Sell-side analysts predict that Laredo Petroleum will post 0.73 EPS for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of LPI. Pearl River Capital LLC purchased a new stake in Laredo Petroleum during the fourth quarter valued at about $35,000. Pitcairn Co. purchased a new stake in Laredo Petroleum during the fourth quarter valued at about $42,000. Cornerstone Investment Partners LLC purchased a new stake in Laredo Petroleum during the first quarter valued at about $51,000. Shelton Capital Management purchased a new stake in Laredo Petroleum during the fourth quarter valued at about $56,000. Finally, Raymond James Financial Services Advisors Inc. bought a new position in shares of Laredo Petroleum during the first quarter valued at about $57,000.

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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Analyst Recommendations for Laredo Petroleum (NYSE:LPI)

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