Zacks: Brokerages Expect Laredo Petroleum Inc (LPI) Will Post Quarterly Sales of $271.02 Million

Wall Street analysts expect Laredo Petroleum Inc (NYSE:LPI) to announce sales of $271.02 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for Laredo Petroleum’s earnings. The lowest sales estimate is $219.20 million and the highest is $361.21 million. Laredo Petroleum posted sales of $205.82 million in the same quarter last year, which suggests a positive year-over-year growth rate of 31.7%. The business is scheduled to issue its next earnings results on Wednesday, November 7th.

On average, analysts expect that Laredo Petroleum will report full-year sales of $1.08 billion for the current year, with estimates ranging from $822.00 million to $1.34 billion. For the next year, analysts anticipate that the company will post sales of $1.17 billion, with estimates ranging from $938.92 million to $1.61 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that that provide coverage for Laredo Petroleum.

Laredo Petroleum (NYSE:LPI) last released its earnings results on Wednesday, August 1st. The oil and gas producer reported $0.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.04). Laredo Petroleum had a return on equity of 25.80% and a net margin of 51.05%. The firm had revenue of $351.05 million during the quarter, compared to analyst estimates of $225.75 million. During the same quarter last year, the business posted $0.10 EPS. The firm’s revenue was up 87.7% on a year-over-year basis.

Several analysts have recently commented on LPI shares. Williams Capital restated a “hold” rating and issued a $10.00 target price on shares of Laredo Petroleum in a research note on Tuesday, August 21st. Piper Jaffray Companies set a $14.00 target price on shares of Laredo Petroleum and gave the stock a “buy” rating in a research note on Sunday, August 5th. Finally, Bank of America reduced their target price on shares of Laredo Petroleum from $12.00 to $11.00 and set an “underperform” rating for the company in a research note on Thursday, August 2nd. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. Laredo Petroleum currently has a consensus rating of “Hold” and an average price target of $12.43.

Shares of LPI stock traded down $0.11 during mid-day trading on Friday, hitting $6.37. The stock had a trading volume of 108,807 shares, compared to its average volume of 4,218,211. Laredo Petroleum has a fifty-two week low of $6.36 and a fifty-two week high of $13.01. The stock has a market capitalization of $1.92 billion, a PE ratio of 10.80, a price-to-earnings-growth ratio of 1.44 and a beta of 1.21. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.60 and a current ratio of 0.60.

In related news, Director Peter Kagan sold 12,300,000 shares of the firm’s stock in a transaction dated 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 $930,064.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Pincus Private Equity Warburg sold 14,200,000 shares of the firm’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $7.42, for a total transaction of $105,364,000.00. The disclosure for this sale can be found here. 2.20% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in LPI. Wells Fargo & Company MN lifted its stake in shares of Laredo Petroleum by 384.1% in the first quarter. Wells Fargo & Company MN now owns 1,475,694 shares of the oil and gas producer’s stock valued at $12,853,000 after purchasing an additional 1,170,838 shares during the period. Aperio Group LLC raised its position in Laredo Petroleum by 52.7% during the first quarter. Aperio Group LLC now owns 26,848 shares of the oil and gas producer’s stock worth $234,000 after acquiring an additional 9,261 shares during the last quarter. Northern Trust Corp raised its position in Laredo Petroleum by 2.0% during the first quarter. Northern Trust Corp now owns 774,625 shares of the oil and gas producer’s stock worth $6,747,000 after acquiring an additional 14,833 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Laredo Petroleum by 24.7% during the first quarter. Dimensional Fund Advisors LP now owns 4,747,858 shares of the oil and gas producer’s stock worth $41,354,000 after acquiring an additional 941,336 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in Laredo Petroleum by 34,018.5% during the first quarter. Russell Investments Group Ltd. now owns 71,990 shares of the oil and gas producer’s stock worth $623,000 after acquiring an additional 71,779 shares during the last quarter.

Laredo Petroleum Company Profile

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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Earnings History and Estimates for Laredo Petroleum (NYSE:LPI)

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