KLR Group Raises Price Target on Laredo Petroleum (LPI) to $13; Reiterates Hold

September 8, 2016 10:35 AM EDT
Get Alerts LPI Hot Sheet
Price: $13.56 --0%

Rating Summary:
    13 Buy, 17 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 7 | Down: 8 | New: 1
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KLR Group reiterated a Hold rating on Laredo Petroleum (NYSE: LPI), and raised the price target to $13.00 (from $11.00). Laredo plans to maintain a three-rig program and drill 45-49 gross wells this year. Upper Wolfcamp wells on average have produced ~142 Mboe (~45% oil) the first year and should recover ~650 Mboe.

Analyst John Gerdes commented, "We are increasing our LPI target price $2 to $13 per share due to ~7% lower capital intensity. Our ’16 production expectation increased from ~17.4 to ~17.6 Mmboe and is in the upper half of upwardly revised guidance (17.4-17.7 Mmboe) with no change in capital spending."

For an analyst ratings summary and ratings history on Laredo Petroleum click here. For more ratings news on Laredo Petroleum click here.

Shares of Laredo Petroleum closed at $12.86 yesterday.

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