Barclays Believes LPI Won’t Stop HereBy Ryan Adsit
Barclays analyst Jeffrey Robertson reiterated a Buy rating on Laredo Petro. (NYSE: LPI) today and set a price target of $16. The company’s shares opened today at $14.23, close to its 52-week high of $14.41.
“We expect growth to accelerate in 2017 as LPI added a fourth rig in mid-November.”
According to TipRanks.com, Robertson is a 4-star analyst with an average return of 3.1% and a 48.7% success rate. Robertson covers the Basic Materials sector, focusing on stocks such as Quicksilver Resources Inc., Whiting Petroleum Corp., and Gulfport Energy Corp.
Currently, the analyst consensus on Laredo Petro. is Hold and the average price target is $13.25, representing a -6.9% downside.
In a report issued on November 3, FBR Capital also reiterated a Buy rating on the stock.
The company has a one year high of $14.41 and a one year low of $3.90. Currently, Laredo Petro. has an average volume of 3.56M.
Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is neutral on the stock. Most recently, in August 2016, Patrick Curth, the Sr. VP – Exploration & Land of LPI sold 17,000 shares for a total of $213,690.
Laredo Petroleum, Inc. engages in the acquisition, exploration, and development of oil and natural gas properties. It focuses interest on the Permian Basin in West Texas. The company was founded by Randy A. Foutch in October 2006 and is headquartered in Tulsa, OK.