Laredo Petroleum (LPI) Cut to Underperform at Credit Suisse Group

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Laredo Petroleum (NYSE:LPI) was downgraded by stock analysts at Credit Suisse Group from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Wednesday, The Fly reports.

LPI has been the topic of several other reports. Zacks Investment Research raised Laredo Petroleum from a “hold” rating to a “buy” rating and set a $6.00 target price on the stock in a report on Friday, October 26th. MKM Partners assumed coverage on Laredo Petroleum in a report on Wednesday, December 5th. They set a “buy” rating and a $9.00 target price on the stock. Finally, Williams Capital reissued a “hold” rating and set a $8.00 target price on shares of Laredo Petroleum in a report on Tuesday, November 6th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Laredo Petroleum currently has an average rating of “Hold” and an average price target of $10.82.

Shares of NYSE LPI opened at $3.76 on Wednesday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.95. Laredo Petroleum has a one year low of $3.73 and a one year high of $11.68. The firm has a market capitalization of $905.12 million, a price-to-earnings ratio of 6.27 and a beta of 1.62.

Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings data on Monday, November 5th. The oil and gas producer reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.03). Laredo Petroleum had a net margin of 51.61% and a return on equity of 24.30%. The firm had revenue of $279.70 million during the quarter, compared to analyst estimates of $276.95 million. During the same period in the prior year, the company earned $0.13 earnings per share. The business’s quarterly revenue was up 35.9% compared to the same quarter last year. Equities analysts forecast that Laredo Petroleum will post 1.02 earnings per share for the current fiscal year.

In other news, Director Peter Kagan sold 12,300,000 shares of the stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $8.08, for a total transaction of $99,384,000.00. Following the sale, the director now directly owns 115,107 shares of the company’s stock, valued at approximately $930,064.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.20% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Laredo Petroleum by 118.3% in the third quarter. BlackRock Inc. now owns 22,944,636 shares of the oil and gas producer’s stock valued at $187,459,000 after buying an additional 12,434,795 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Laredo Petroleum by 21.6% in the third quarter. Dimensional Fund Advisors LP now owns 8,794,844 shares of the oil and gas producer’s stock valued at $71,855,000 after buying an additional 1,559,873 shares in the last quarter. AQR Capital Management LLC boosted its stake in Laredo Petroleum by 33.2% in the third quarter. AQR Capital Management LLC now owns 7,588,133 shares of the oil and gas producer’s stock valued at $61,995,000 after buying an additional 1,890,401 shares in the last quarter. Laurion Capital Management LP acquired a new stake in Laredo Petroleum in the third quarter valued at about $29,316,000. Finally, Van ECK Associates Corp boosted its stake in Laredo Petroleum by 1.2% in the second quarter. Van ECK Associates Corp now owns 3,550,734 shares of the oil and gas producer’s stock valued at $34,158,000 after buying an additional 41,078 shares in 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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Analyst Recommendations for Laredo Petroleum (NYSE:LPI)

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