UPDATE: Northland Starts Laredo Petroleum (LPI) at Outperform

September 25, 2013 5:12 PM EDT
Get Alerts LPI Hot Sheet
Price: $13.83 -2.12%

Rating Summary:
    11 Buy, 19 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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(Updated - September 26, 2013 9:00 AM EDT)

Northland Capital Markets initiated coverage on Laredo Petroleum (NYSE: LPI) with an Outperform rating and a price target of $36.00.

Analyst Reed Anderson said, "LPI is a mid-cap, pureplay Permian Basin operator that began trading via an IPO in December 2011. The company is utilizing proceeds from its recent Anadarko Basin property sale and common stock offering to accelerate stacked horizontal development in four proven horizons across its mostly contiguous Garden City project, encompassing ~140,000 net acres in the Midland Basin."

"Based on 24-hour IP rates, LPI has 15 of the top 20 horizontal wells in the Midland Basin, illustrating the high quality of its leasehold and strong performance as an operator. Additionally, all three benches of the Wolfcamp as well as the Cline are represented in the list, demonstrating the prospectivity of its acreage for multi-horizon development," he added.

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 $29.35 yesterday.

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