Brokerages Anticipate Laredo Petroleum Inc (NYSE:LPI) Will Post Quarterly Sales of $199.33 Million

Wall Street brokerages expect Laredo Petroleum Inc (NYSE:LPI) to report $199.33 million in sales for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Laredo Petroleum’s earnings, with the highest sales estimate coming in at $233.82 million and the lowest estimate coming in at $170.00 million. Laredo Petroleum posted sales of $279.75 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 28.7%. The company is scheduled to issue its next earnings results on Monday, November 4th.

On average, analysts expect that Laredo Petroleum will report full-year sales of $800.70 million for the current fiscal year, with estimates ranging from $670.00 million to $903.85 million. For the next financial year, analysts anticipate that the firm will report sales of $853.26 million, with estimates ranging from $717.00 million to $1.01 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Laredo Petroleum.

Laredo Petroleum (NYSE:LPI) last announced its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.05. Laredo Petroleum had a net margin of 40.05% and a return on equity of 15.59%. The business had revenue of $216.60 million for the quarter, compared to the consensus estimate of $213.24 million. During the same quarter in the prior year, the firm posted $0.25 earnings per share. The business’s revenue for the quarter was down 38.3% on a year-over-year basis.

Several brokerages have recently weighed in on LPI. Williams Capital raised shares of Laredo Petroleum from a “hold” rating to a “buy” rating and increased their target price for the company from $4.00 to $5.50 in a research note on Thursday, May 16th. Zacks Investment Research downgraded shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. raised shares of Laredo Petroleum from an “underweight” rating to a “neutral” rating in a research note on Wednesday, July 31st. Robert W. Baird raised shares of Laredo Petroleum from a “neutral” rating to an “outperform” rating and increased their target price for the company from $3.00 to $7.00 in a research note on Thursday, May 9th. Finally, Credit Suisse Group raised shares of Laredo Petroleum from an “underperform” rating to a “neutral” rating and set a $2.83 target price on the stock in a research note on Tuesday, July 9th. They noted that the move was a valuation call. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $4.80.

Shares of LPI traded down $0.13 during midday trading on Thursday, hitting $2.67. The stock had a trading volume of 3,612,211 shares, compared to its average volume of 5,520,011. Laredo Petroleum has a 1 year low of $2.38 and a 1 year high of $9.03. The firm has a market cap of $657.79 million, a PE ratio of 2.87 and a beta of 1.46. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.13 and a quick ratio of 1.13. The stock’s 50 day moving average is $2.88 and its 200 day moving average is $3.10.

In related news, major shareholder Warburg Pincus Llc sold 69,874 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $2.76, for a total value of $192,852.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 3.00% of the company’s stock.

A number of hedge funds have recently bought and sold shares of LPI. Nuveen Asset Management LLC purchased a new position in shares of Laredo Petroleum during the 2nd quarter valued at approximately $3,984,000. Point72 Asset Management L.P. purchased a new position in shares of Laredo Petroleum during the 2nd quarter valued at approximately $767,000. Morgan Stanley increased its holdings in shares of Laredo Petroleum by 210.7% during the 2nd quarter. Morgan Stanley now owns 841,220 shares of the oil and gas producer’s stock valued at $2,440,000 after purchasing an additional 570,468 shares in the last quarter. Balyasny Asset Management LLC increased its holdings in shares of Laredo Petroleum by 734.8% during the 2nd quarter. Balyasny Asset Management LLC now owns 1,571,420 shares of the oil and gas producer’s stock valued at $4,557,000 after purchasing an additional 1,383,170 shares in the last quarter. Finally, CoreCommodity Management LLC increased its holdings in shares of Laredo Petroleum by 67.6% during the 2nd quarter. CoreCommodity Management LLC now owns 633,436 shares of the oil and gas producer’s stock valued at $1,837,000 after purchasing an additional 255,440 shares in the last quarter. 96.06% of the stock is currently owned by institutional investors.

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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Earnings History and Estimates for Laredo Petroleum (NYSE:LPI)

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