Laredo Petroleum (NYSE:LPI) Price Target Increased to $116.00 by Analysts at Wells Fargo & Company

Laredo Petroleum (NYSE:LPIGet Rating) had its target price lifted by investment analysts at Wells Fargo & Company from $113.00 to $116.00 in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The firm currently has an “underweight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 38.39% from the company’s previous close.

A number of other research analysts have also recently issued reports on the stock. Siebert Williams Shank raised shares of Laredo Petroleum from a “hold” rating to a “buy” rating and raised their price target for the stock from $86.00 to $120.00 in a report on Thursday, March 3rd. Zacks Investment Research cut shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a report on Tuesday, March 15th. Piper Sandler raised shares of Laredo Petroleum from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $93.00 to $115.00 in a report on Thursday, April 7th. TheStreet upgraded shares of Laredo Petroleum from a “d” rating to a “c” rating in a research note on Tuesday, February 22nd. Finally, StockNews.com started coverage on shares of Laredo Petroleum in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $105.80.

NYSE:LPI opened at $83.82 on Wednesday. Laredo Petroleum has a 52 week low of $32.52 and a 52 week high of $99.26. The firm has a 50 day moving average of $75.65 and a 200 day moving average of $72.59. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 2.78. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 18.22 and a beta of 3.86.

Laredo Petroleum (NYSE:LPIGet Rating) last posted its quarterly earnings results on Tuesday, February 22nd. The oil and gas producer reported $3.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.32 by $0.07. The business had revenue of $470.22 million during the quarter, compared to analysts’ expectations of $438.95 million. Laredo Petroleum had a net margin of 10.40% and a return on equity of 101.15%. The business’s quarterly revenue was up 150.0% on a year-over-year basis. During the same quarter last year, the company posted $3.23 earnings per share. As a group, analysts expect that Laredo Petroleum will post 31.27 EPS for the current year.

In related news, CEO M. Jason Pigott sold 5,531 shares of the firm’s stock in a transaction on Thursday, March 10th. The shares were sold at an average price of $76.23, for a total transaction of $421,628.13. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Tommye Karen Chandler sold 10,991 shares of the firm’s stock in a transaction on Thursday, March 10th. The shares were sold at an average price of $76.23, for a total transaction of $837,843.93. The disclosure for this sale can be found here. Insiders sold 34,867 shares of company stock worth $2,689,516 in the last quarter. Company insiders own 3.30% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Mutual of America Capital Management LLC grew its position in Laredo Petroleum by 8.8% during the fourth quarter. Mutual of America Capital Management LLC now owns 1,959 shares of the oil and gas producer’s stock valued at $118,000 after buying an additional 159 shares during the period. Voya Investment Management LLC grew its position in shares of Laredo Petroleum by 1.6% in the third quarter. Voya Investment Management LLC now owns 10,453 shares of the oil and gas producer’s stock valued at $847,000 after purchasing an additional 166 shares during the period. Amalgamated Bank grew its position in shares of Laredo Petroleum by 2.6% in the fourth quarter. Amalgamated Bank now owns 6,584 shares of the oil and gas producer’s stock valued at $396,000 after purchasing an additional 166 shares during the period. Alliancebernstein L.P. grew its position in shares of Laredo Petroleum by 1.6% in the third quarter. Alliancebernstein L.P. now owns 15,125 shares of the oil and gas producer’s stock valued at $1,226,000 after purchasing an additional 240 shares during the period. Finally, CoreCommodity Management LLC grew its position in shares of Laredo Petroleum by 6.3% in the fourth quarter. CoreCommodity Management LLC now owns 4,103 shares of the oil and gas producer’s stock valued at $247,000 after purchasing an additional 243 shares during the period. Institutional investors own 79.22% of the company’s stock.

Laredo Petroleum Company Profile (Get Rating)

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 sells oil, natural gas liquids, and natural gas. As of December 31, 2021, it had assembled 166,064 net acres in the Permian Basin; and had total proved undeveloped reserves of 86,592 thousand barrels of oil equivalent.

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Analyst Recommendations for Laredo Petroleum (NYSE:LPI)

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