Laredo Petroleum (LPI) was Downgraded to a Sell Rating at Wells Fargo

By Jason Carr

Laredo Petroleum (LPIResearch Report) received a Sell rating from Wells Fargo analyst Thomas Hughes CFA yesterday. The company’s shares closed last Thursday at $9.29, close to its 52-week low of $6.60.

According to TipRanks.com, CFA has currently 0 stars on a ranking scale of 0-5 stars, with an average return of -12.6% and a 36.7% success rate. CFA covers the Utilities sector, focusing on stocks such as Centennial Resource Development, Whiting Petroleum Corporation, and Northern Oil And Gas.

Currently, the analyst consensus on Laredo Petroleum is a Hold with an average price target of $17.75.

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Based on Laredo Petroleum’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $111 million and GAAP net loss of $545 million. In comparison, last year the company earned revenue of $217 million and had a net profit of $173 million.

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