Laredo Petroleum Inc (LPI) reported quarterly earnings results on Wednesday, Aug-3-2016. The company said it had a profit of $0.13 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $0.10. The company posted revenue of $146.77 million in the period, compared to analysts expectations of $123.51 million. The company’s revenue was down -19.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 EPS.
Many Wall Street Analysts have commented on Laredo Petroleum Inc. Barclays Initiated Laredo Petroleum Inc on Jun 21, 2016 to “Overweight”, Price Target of the shares are set at $14.Laredo Petroleum Inc was Upgraded by Iberia to ” Outperform” on Jun 14, 2016. Imperial Capital Initiated Laredo Petroleum Inc on May 26, 2016 to “In-line”, Price Target of the shares are set at $12.50.
Laredo Petroleum Inc opened for trading at $9.8 and hit $9.995 on the upside on Tusday, eventually ending the session at $9.8, with a gain of 2.51% or 0.24 points. The heightened volatility saw the trading volume jump to 33,16,177 shares. Company has a market cap of $2,091 M.
In a different news, on Apr 4, 2016, Randy A Foutch (CEO) purchased 22,072 shares at $4.52 per share price. According to the SEC, on May 12, 2015, Patrick J Curth (Sr. VP – Exploration & Land) sold 15,200 shares at $13.47 per share price.
Laredo Petroleum Inc. (Laredo) is an independent energy company focused on the acquisition exploration and development of oil and natural gas properties primarily in the Permian Basin in West Texas. The Company’s Permian Basin is comprised of several distinct geological provinces including the Midland Basin to the east the Delaware Basin to the west and the Central Platform in the middle. The Permian Basin is located in West Texas and Southeastern New Mexico where the Company has assembled approximately 196683 net acres. Its primary production and exploitation fairway (Permian-Garden City area) is located on the eastern side of the basin 35 miles east of Midland Texas and extends 20 miles wide (east/west) and 85 miles long (north/south) in Howard Glasscock Reagan Sterling Irion and Tom Green counties. It holds approximately 155405 net acres in 360 sections in the Permian-Garden City area.