KLR Group Raises Price Target on Laredo Petroleum (LPI) to $13; Reiterates Hold
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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."
Shares of Laredo Petroleum closed at $12.86 yesterday.
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