Laredo Petroleum, Inc. (NYSE:LPI) – Analysts at Capital One Financial Corporation upped their Q4 2017 earnings estimates for shares of Laredo Petroleum in a research report issued to clients and investors on Tuesday. Capital One Financial Corporation analyst R. Tullis now expects that the oil and gas producer will post earnings per share of $0.19 for the quarter, up from their prior estimate of $0.18. Capital One Financial Corporation also issued estimates for Laredo Petroleum’s FY2018 earnings at $0.86 EPS.
LPI has been the topic of several other research reports. Scotiabank reaffirmed a “hold” rating and set a $15.00 target price on shares of Laredo Petroleum in a research note on Friday, May 5th. Seaport Global Securities cut Laredo Petroleum from a “buy” rating to a “neutral” rating and lowered their price target for the company from $19.00 to $9.00 in a research report on Wednesday. BidaskClub cut Laredo Petroleum from a “sell” rating to a “strong sell” rating in a research report on Wednesday. J P Morgan Chase & Co decreased their target price on Laredo Petroleum from $14.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, May 31st. Finally, BMO Capital Markets restated a “hold” rating on shares of Laredo Petroleum in a report on Thursday, May 4th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $15.70.
Laredo Petroleum (NYSE:LPI) traded down 0.40% on Wednesday, hitting $9.89. The stock had a trading volume of 1,632,329 shares. The company’s market cap is $2.37 billion. The company’s 50 day moving average price is $12.00 and its 200-day moving average price is $13.44. Laredo Petroleum has a 12-month low of $9.20 and a 12-month high of $16.47.
Laredo Petroleum (NYSE:LPI) last released its earnings results on Wednesday, May 3rd. The oil and gas producer reported $0.10 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.11 by $0.01. The company had revenue of $189 million during the quarter, compared to analyst estimates of $164.39 million. Laredo Petroleum had a negative net margin of 1.78% and a positive return on equity of 75.64%. The company’s revenue for the quarter was up 77.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.08 EPS.
A number of hedge funds have recently added to or reduced their stakes in LPI. Norges Bank purchased a new stake in Laredo Petroleum during the fourth quarter worth about $25,204,000. Glen Harbor Capital Management LLC purchased a new stake in Laredo Petroleum during the first quarter worth about $122,000. IBM Retirement Fund boosted its stake in Laredo Petroleum by 313.5% in the first quarter. IBM Retirement Fund now owns 48,048 shares of the oil and gas producer’s stock worth $702,000 after buying an additional 36,429 shares during the last quarter. FIL Ltd purchased a new stake in Laredo Petroleum during the first quarter worth about $1,527,000. Finally, Renaissance Technologies LLC purchased a new stake in Laredo Petroleum during the fourth quarter worth about $4,382,000.
In related news, Director Peter Kagan sold 163,207 shares of Laredo Petroleum stock in a transaction on Friday, March 31st. The stock was 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 legal filing with the SEC, which is available through the SEC website. Also, VP Patrick J. Curth sold 43,830 shares of Laredo Petroleum stock in a transaction on Friday, March 31st. The shares were sold at an average price of $14.41, for a total value 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. 1.40% of the stock is currently owned by company insiders.
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.
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