Laredo Petroleum Inc (NYSE:LPI) – Research analysts at Piper Jaffray Companies raised their Q4 2019 earnings estimates for shares of Laredo Petroleum in a note issued to investors on Sunday, October 20th, according to Zacks Investment Research. Piper Jaffray Companies analyst K. Harrison now expects that the oil and gas producer will post earnings per share of $0.24 for the quarter, up from their prior estimate of $0.22. Piper Jaffray Companies also issued estimates for Laredo Petroleum’s Q1 2020 earnings at $0.19 EPS.
Laredo Petroleum (NYSE:LPI) last posted its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.05. The firm had revenue of $216.60 million during the quarter, compared to the consensus estimate of $213.24 million. Laredo Petroleum had a net margin of 40.05% and a return on equity of 15.59%. The company’s revenue was down 38.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.25 EPS.
A number of other research firms also recently issued reports on LPI. JPMorgan Chase & Co. raised shares of Laredo Petroleum from an “underweight” rating to a “neutral” rating in a research report on Wednesday, July 31st. ValuEngine raised shares of Laredo Petroleum from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Williams Capital set a $4.50 target price on shares of Laredo Petroleum and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Zacks Investment Research downgraded shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Credit Suisse Group raised shares of Laredo Petroleum from an “underperform” rating to a “neutral” rating and set a $2.83 price objective for the company in a research report on Tuesday, July 9th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. Laredo Petroleum currently has an average rating of “Hold” and an average price target of $4.55.
LPI opened at $2.36 on Wednesday. The firm has a 50 day moving average price of $2.41 and a 200 day moving average price of $2.78. The company has a market cap of $588.92 million, a PE ratio of 2.54 and a beta of 1.59. Laredo Petroleum has a 1 year low of $2.03 and a 1 year high of $5.98. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.13 and a current ratio of 1.13.
In other Laredo Petroleum news, major shareholder Warburg Pincus Llc sold 69,874 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $2.76, for a total value of $192,852.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.00% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. King Luther Capital Management Corp acquired a new stake in shares of Laredo Petroleum during the second quarter worth approximately $29,000. LPL Financial LLC acquired a new stake in shares of Laredo Petroleum during the second quarter worth approximately $33,000. Birch Hill Investment Advisors LLC acquired a new stake in shares of Laredo Petroleum during the second quarter worth approximately $56,000. Brookstone Capital Management acquired a new stake in shares of Laredo Petroleum during the third quarter worth approximately $62,000. Finally, Magnus Financial Group LLC acquired a new stake in shares of Laredo Petroleum during the second quarter worth approximately $73,000. 94.72% of the stock is owned by institutional investors and hedge funds.
About Laredo Petroleum
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 also provides midstream and marketing services comprising transportation and marketing of oil and natural gas; and natural gas lift systems, crude oil and natural gas gathering, and water delivery and takeaway services.
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