BMO Capital Reiterates a Hold Rating on Laredo Petroleum

By Ryan Adsit

BMO Capital analyst Randy Ollenberger reiterated a Hold rating on Laredo Petroleum (NYSE: LPI) yesterday and set a price target of $10. The company’s shares closed yesterday at $9.79, close to its 52-week high of $16.47.

According to, Ollenberger is ranked 0 out of 5 stars with an average return of -11.2% and a 25.6% success rate. Ollenberger covers the Basic Materials sector, focusing on stocks such as Wildhorse Resource Development Corp, Sanchez Energy Corporation, and Spectra Energy Partners.

Currently, the analyst consensus on Laredo Petroleum is Moderate Buy and the average price target is $14.33, representing a 46.4% upside.

In a report issued on June 21, Seaport Global also downgraded the stock to Hold with a $9 price target.

Based on Laredo Petroleum’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $189 million and quarterly net profit of $68.28 million. In comparison, last year the company earned revenue of $107 million and had a GAAP net loss of $180 million.

Based on the recent corporate insider activity of 53 insiders, corporate insider sentiment is negative on the stock. Most recently, in April 2017, Patrick Curth, the Sr. VP – Exploration & Land of LPI sold 43,830 shares for a total of $631,625.

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Laredo Petroleum, Inc. engages in the acquisition, exploration, and development of oil and natural gas properties. It focuses on the Permian Basin in West Texas and southeastern New Mexico. The company was founded by Randy A. Foutch in October 2006 and is headquartered in Tulsa, OK.