Laredo Petroleum (NYSE:LPI) Raised to Buy at Zacks Investment Research

Laredo Petroleum (NYSE:LPIGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The firm currently has a $94.00 price target on the oil and gas producer’s stock. Zacks Investment Research‘s price target indicates a potential upside of 16.71% from the company’s previous close.

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. “

A number of other research analysts have also recently commented on LPI. Siebert Williams Shank upgraded shares of Laredo Petroleum from a “hold” rating to a “buy” rating and increased their price target for the company from $86.00 to $120.00 in a research report on Thursday, March 3rd. StockNews.com initiated coverage on shares of Laredo Petroleum in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Piper Sandler upgraded shares of Laredo Petroleum from a “neutral” rating to an “overweight” rating and increased their price target for the company from $93.00 to $115.00 in a research report on Thursday, April 7th. Raymond James increased their price objective on Laredo Petroleum from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, March 23rd. Finally, TheStreet raised Laredo Petroleum from a “d” rating to a “c” rating in a research note on Tuesday, February 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Laredo Petroleum presently has a consensus rating of “Buy” and a consensus price target of $109.00.

LPI stock opened at $80.54 on Wednesday. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 2.78. The company’s 50 day moving average is $76.44 and its 200 day moving average is $72.52. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 17.51 and a beta of 3.86. Laredo Petroleum has a 1-year low of $32.52 and a 1-year high of $99.26.

Laredo Petroleum (NYSE:LPIGet Rating) last posted its quarterly earnings data on Tuesday, February 22nd. The oil and gas producer reported $3.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.32 by $0.07. The company had revenue of $470.22 million for 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%. Laredo Petroleum’s revenue for the quarter was up 150.0% compared to the same quarter last year. During the same period in the prior year, the business earned $3.23 earnings per share. As a group, sell-side analysts forecast that Laredo Petroleum will post 31.27 EPS for the current fiscal year.

In other news, CEO M. Jason Pigott sold 5,531 shares of the firm’s stock in a transaction on Thursday, March 31st. The stock was sold at an average price of $81.88, for a total transaction of $452,878.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Mark David Denny sold 2,626 shares of the firm’s stock in a transaction on Friday, April 1st. The shares were sold at an average price of $78.92, for a total value of $207,243.92. Following the transaction, the senior vice president now owns 23,785 shares of the company’s stock, valued at $1,877,112.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,867 shares of company stock valued at $2,689,516. 3.30% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of LPI. Nisa Investment Advisors LLC purchased a new stake in shares of Laredo Petroleum in the 4th quarter worth $27,000. Cypress Capital Management LLC WY purchased a new stake in shares of Laredo Petroleum in the 3rd quarter worth $45,000. O Shaughnessy Asset Management LLC purchased a new stake in shares of Laredo Petroleum in the 3rd quarter worth $98,000. Meeder Asset Management Inc. increased its stake in shares of Laredo Petroleum by 43.7% in the 3rd quarter. Meeder Asset Management Inc. now owns 1,309 shares of the oil and gas producer’s stock worth $106,000 after purchasing an additional 398 shares in the last quarter. Finally, Mutual of America Capital Management LLC increased its stake in shares of Laredo Petroleum by 8.8% in the 4th quarter. Mutual of America Capital Management LLC now owns 1,959 shares of the oil and gas producer’s stock worth $118,000 after purchasing an additional 159 shares in the last quarter. 79.22% of the stock is owned by institutional investors and hedge funds.

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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