Laredo Petroleum Inc (LPI) was Upgraded by Alembic Global Advisors to ” Overweight” according to the research note released today. The brokerage firm has raised the Price Target to $ 16 from a previous price target of $7 . Earlier the firm had a rating of “Neutral ” on the company shares. Alembic Global Advisors advised their investors in a research report released on May 9, 2016.
Many Wall Street Analysts have commented on Laredo Petroleum Inc. Company shares were Reiterated by Topeka Capital Markets on May 5, 2016 to “Buy”, Firm has raised the Price Target to $ 14 from a previous price target of $9 .Laredo Petroleum Inc was Downgraded by KLR Group to ” Hold” on Mar 14, 2016. Laredo Petroleum Inc was Upgraded by KLR Group to ” Accumulate” on Feb 18, 2016.
On the company’s financial health, Laredo Petroleum Inc reported $0.08 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on May 4, 2016. Analyst had a consensus of $0.05. The company had revenue of $106.60 million for the quarter, compared to analysts expectations of $90.36 million. The company’s revenue was down -29.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.03 EPS.
Laredo Petroleum Inc closed down -0.66 points or -5.24% at $11.94 with 44,06,714 shares getting traded on Friday. Post opening the session at $12.44, the shares hit an intraday low of $11.87 and an intraday high of $13.23 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
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.