Laredo Petroleum, Inc. (NYSE:LPI) Given Consensus Recommendation of “Hold” by Brokerages

Laredo Petroleum, Inc. (NYSE:LPIGet Rating) has received an average rating of “Hold” from the six brokerages that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $109.50.

LPI has been the topic of a number of research analyst reports. Piper Sandler reduced their target price on Laredo Petroleum to $117.00 and set a “na” rating on the stock in a report on Wednesday, May 18th. Raymond James reduced their target price on Laredo Petroleum from $120.00 to $85.00 in a report on Tuesday, May 24th. Siebert Williams Shank upgraded Laredo Petroleum from a “hold” rating to a “buy” rating and lifted their target price for the company from $86.00 to $120.00 in a report on Thursday, March 3rd. TheStreet raised Laredo Petroleum from a “d” rating to a “c” rating in a research report on Tuesday, February 22nd. Finally, StockNews.com initiated coverage on Laredo Petroleum in a research report on Thursday, March 31st. They issued a “hold” rating for the company.

LPI stock opened at $81.47 on Tuesday. Laredo Petroleum has a 52-week low of $36.25 and a 52-week high of $120.86. The stock’s fifty day simple moving average is $80.76 and its 200-day simple moving average is $74.63. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 3.36. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 14.17 and a beta of 3.65.

Laredo Petroleum (NYSE:LPIGet Rating) last issued its earnings results on Wednesday, May 4th. The oil and gas producer reported $5.17 earnings per share for the quarter, missing analysts’ consensus estimates of $6.51 by ($1.34). Laredo Petroleum had a net margin of 7.97% and a return on equity of 78.66%. The firm had revenue of $532.40 million during the quarter, compared to analyst estimates of $497.95 million. During the same quarter in the previous year, the business posted $1.71 EPS. Laredo Petroleum’s revenue was up 112.8% compared to the same quarter last year. As a group, analysts anticipate that Laredo Petroleum will post 29.54 earnings per share for the current fiscal year.

In other news, SVP Mark David Denny sold 2,626 shares of the firm’s stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $78.92, for a total transaction of $207,243.92. Following the completion of the sale, the senior vice president now owns 23,785 shares of the company’s stock, valued at $1,877,112.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO M. Jason Pigott sold 5,531 shares of the firm’s stock in a transaction that occurred on Thursday, March 24th. The stock was sold at an average price of $75.00, for a total transaction of $414,825.00. The disclosure for this sale can be found here. Insiders sold 19,021 shares of company stock valued at $1,498,767 in the last ninety days. 2.20% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in Laredo Petroleum by 10.1% in the fourth quarter. State Street Corp now owns 1,577,459 shares of the oil and gas producer’s stock worth $94,853,000 after purchasing an additional 144,462 shares during the period. First Trust Advisors LP lifted its stake in Laredo Petroleum by 49.2% in the fourth quarter. First Trust Advisors LP now owns 106,951 shares of the oil and gas producer’s stock valued at $6,431,000 after buying an additional 35,268 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Laredo Petroleum by 3.7% in the fourth quarter. Principal Financial Group Inc. now owns 95,473 shares of the oil and gas producer’s stock valued at $5,741,000 after buying an additional 3,401 shares during the last quarter. Voya Investment Management LLC lifted its stake in 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 buying an additional 166 shares during the last quarter. Finally, Invenomic Capital Management LP bought a new stake in Laredo Petroleum in the fourth quarter valued at $365,000. 73.49% 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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