Laredo Petroleum (NYSE: LPI) demoted to strong sell at Zacks Investment Research
Laredo Petroleum (NYSE: LPI) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released Wednesday, Zacks.com reports.
According to Zacks, “Laredo Petroleum Holdings, Inc. is engaged in the exploration, development and acquisition of oil and gas properties in the Permian and Mid-Continent regions of the United States. Laredo Petroleum Holdings, Inc. has its headquarters in Tulsa, Oklahoma. “
Other equity research analysts have also recently published research reports on the company. Raymond James lowered his price target on Laredo Petroleum from $ 105 to $ 85 and set an “outperform” rating on the stock in a research report on Monday, December 6. Wells Fargo & Company raised its price target for Laredo Petroleum from $ 68.00 to $ 69.00 and rated the stock “underweight” in a research report published Wednesday, October 13. Finally, Piper Sandler raised her target price for Laredo Petroleum from $ 49.00 to $ 81.00 and gave the stock a “neutral” rating in a research report published on Thursday, October 21. Two equity research analysts rated the stock with a sell rating, two issued a conservation rating, and two gave the company a buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $ 68.60.
LPI stock opened at $ 63.68 on Wednesday. Laredo Petroleum has a 12-month low of $ 18.92 and a 12-month high of $ 99.26. The company has a quick ratio of 0.34, a current ratio of 0.34, and a debt ratio of 6.02. The company has a 50-day moving average of $ 69.65 and a 200-day moving average of $ 66.88. The company has a market cap of $ 1.09 billion, a PE ratio of -2.84 and a beta of 4.17.
Laredo Petroleum (NYSE: LPI) last released its quarterly earnings data on Tuesday, November 2. The oil and gas producer reported EPS of $ 1.84 for the quarter, missing the consensus estimate of $ 2.90 ($ 1.06). Laredo Petroleum had a negative net margin of 21.33% and a negative return on equity of 2,190.66%. The company posted revenue of $ 379.25 million in the quarter, compared to $ 261.71 million expected by analysts. In the same quarter of the previous year, the company posted EPS of $ 4.02. On average, research analysts expect Laredo Petroleum to post earnings per share of 9.29 for the current year.
In addition, CEO Jason Pigott sold 13,400 shares in a trade on Tuesday, November 9. The stock was sold for an average price of $ 72.60, for a total value of $ 972,840.00. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Company insiders own 3.30% of the company’s shares.
A number of institutional investors and hedge funds have recently increased or reduced their holdings in LPI. Advisor Group Holdings Inc. increased its stake in Laredo Petroleum shares by 432.7% during the second quarter. Advisor Group Holdings Inc. now owns 261 shares of the oil and gas producer valued at $ 25,000 after purchasing 212 more shares in the last quarter. Cypress Capital Management LLC WY purchased a new position in Laredo Petroleum shares during the third quarter valued at approximately $ 45,000. Ameritas Investment Partners Inc. purchased a new position in shares of Laredo Petroleum during the second quarter valued at approximately $ 91,000. O Shaughnessy Asset Management LLC purchased a new position in Laredo Petroleum shares during the third quarter valued at approximately $ 98,000. Finally, Meeder Asset Management Inc. increased its stake in Laredo Petroleum shares by 43.7% during the third quarter. Meeder Asset Management Inc. now owns 1,309 shares of the oil and gas producer valued at $ 106,000 after purchasing an additional 398 shares in the last quarter. 70.49% of the shares are currently held by institutional investors and hedge funds.
Laredo Oil Company Profile
Laredo Petroleum, Inc is engaged in the exploration, development and acquisition of oil and gas properties. It operates in the Permian Basin in West Texas. The company was founded by Randy A. Foutch in October 2006 and is headquartered in Tulsa, OK.
Further reading: intrinsic value
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