Williams Capital Remains a Buy on Laredo Petroleum (LPI)


In a report released today, Gabriele Sorbara from Williams Capital reiterated a Buy rating on Laredo Petroleum (LPI), with a price target of $5.50. The company’s shares closed yesterday at $3.32, close to its 52-week low of $2.40.

Sorbara wrote:

“We expect management to provide incremental details on its revised 2019 outlook and current operaons on the earnings call this morning (August 1 st ) at 8:30 AM ET. While we are cognizant of the recent outperformance (up 11.4% in July vs. peers which are down 17.1%), we expect shares to connue to outperform on the stellar 2Q19 results and the likelihood that the posive results from its first project on wider spacing go a long way in improving confidence in the producon trajectory. We maintain our Buy on valuaon and the connuaon of a posive step change going forward.”

According to TipRanks.com, Sorbara ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -13.6% and a 30.3% success rate. Sorbara covers the Basic Materials sector, focusing on stocks such as Jagged Peak Energy Inc, Gulfport Energy Corp, and Extraction Oil & Gas.

Currently, the analyst consensus on Laredo Petroleum is a Moderate Buy with an average price target of $5, a 50.6% upside from current levels. In a report issued on July 29, Raymond James also maintained a Buy rating on the stock with a $4.50 price target.

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The company has a one-year high of $9.03 and a one-year low of $2.40. Currently, Laredo Petroleum has an average volume of 5.38M.

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Laredo Petroleum, Inc. is an independent energy company focused on acquisition, exploration, and development of oil and natural gas properties. It operates primarily in the Permian Basin in West Texas. The company was founded by Randy A. Foutch in October 2006 and is headquartered in Tulsa, OK.

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