Laredo Petroleum Holdings, Inc.NYSE
Laredo Petroleum: Capital Efficiency And Hidden Values
Laredo Petroleum: Hedges Protect The Business Plan In 2016
Richard Zeits • 12 Comments
Richard Zeits • 12 Comments
Thu, Oct. 13, 7:15 PM
- The biggest threat to the rally in oil stocks might be more production from E&P companies drilling in the U.S. shale, Credit Suisse analysts say.
- A clear benefit of the price cycle has been the vastly improved efficiency and productivity of shale, but shale "may ultimately be too productive as WTI approaches $70/bbl," the firm says as it lowers its long-term WTI forecast to $62.50/bbl from $67.50.
- Credit Suisse says names that continue to demonstrate resource improvement at the low-end of the cost curve, namely in the Permian and STACK plays, remain attractive, such as Concho Resources (NYSE:CXO), Devon Energy (NYSE:DVN), Newfield Exploration (NYSE:NFX) and Pioneer Natural Resources (NYSE:PXD).
- The firm downgrades Carrizo Oil & Gas (NASDAQ:CRZO) and Sanchez Energy (NYSE:SN) to Neutral from Outperform, and Laredo Petroleum (NYSE:LPI) to Underperform from Neutral, following relative outperformance vs. peers.
Mon, Aug. 29, 6:25 PM
- Williams Capital believes oil industry fundamentals are solid despite current commodity price levels but is cautious overall and advises investors not to chase the recent run at current valuations.
- However, the firm recommends select underappreciated companies with lower expectations and re-rating potential, and thinks companies situated in core resource plays that can demonstrate further capital efficiency improvements with catalysts will continue to garner top valuations and M&A premiums.
- Two of Williams' favorites are SM Energy (NYSE:SM), which the firm says remains one of the cheapest names in the sector with a solid balance sheet and assets as well as a conservative management team, and Newfield Exploration (NYSE:NFX), which Williams sees thriving through the current downturn given its strong balance sheet, ample financial liquidity and strong hedge book.
- Also initiated with Buy ratings: Cabot Oil & Gas (NYSE:COG), Energen (NYSE:EGN), Gulfport Energy (NASDAQ:GPOR), Oasis Petroleum (NYSE:OAS), PDC Energy (NASDAQ:PDCE), Pioneer Natural Resources (NYSE:PXD).
- Driven largely by valuation, Williams assigns Hold ratings on Diamondback Energy (NASDAQ:FANG), Gastar Exploration (NYSEMKT:GST), Laredo Petroleum (NYSE:LPI), Parsley Energy (NYSE:PE), Rice Energy (NYSE:RICE) and Cimarex Energy (NYSE:XEC).
Wed, Aug. 3, 4:30 PM
Tue, Aug. 2, 5:35 PM
- AEL, AGO, AGU, ALB, ALIM, ALL, ANDE, AREX, ATO, AWK, AWR, BBRG, BFAM, BGC, BIO, BKH, BNFT, BREW, BYD, CABO, CBPX, CCRN, CDI, CECO, CF, CHDN, CIM, CLR, CNAT, CODI, CPA, CSGS, CSII, CTL, CXW, DENN, DEPO, DK, DKL, DPM, ECR, EPE, EPR, EQIX, ERII, ETE, ETP, EVC, EVHC, EXAR, EXEL, EXTR, FIVN, FOXA, FRGI, FRSH, FSLR, G, GBDC, GDDY, GERN, GPOR, HABT, HASI, HI, HIL, HIVE, HLF, HOS, HR, HRTG, HUBS, IAG, IL, INOV, IO, IRG, ITRI, JACK, JCOM, JONE, JRVR, LGCY, LHCG, LNC, LPI, MASI, MC, MED, MET, MNR, MRO, MTDR, MUSA, MWA, NBIX, NKTR, NLY, NNBR, NP, NSIT, NSTG, OAS, OME, OSUR, PDM, PE, PEGA, PMT, PODD, PRA, PRU, PRXL, QLYS, QTWO, QUIK, REXR, RICE, RIG, RIGP, RLJ, RMP, RNG, RP, RST, RYN, SBY, SEMI, SGMO, SNCR, SQ, SQNM, SRC, SSS, STAA, STR, SUN, SWM, SXL, TCAP, TDOC, TEAR, TEP, TLLP, TRIP, TRNC, TROX, TS, TSLA, TSLX, TSO, TTEC, TWO, UHAL, VTAE, VVC, WCN, WGL, WMC, WPG, WPX, WU, XEC, XPO
Thu, Jul. 14, 8:07 AM
- Laredo Petroleum (NYSE:LPI) -1.8% premarket after agreeing to acquire additional acreage within its existing footprint in the Midland Basin in Texas from an unspecified seller for $125M.
- LPI says the deal secures additional rights to the Spraberry interval, enables the drilling of additional 10K-ft. or longer locations, facilitates the new Western Glasscock production corridor and increases the company's working interest in current leasehold in western Glasscock and Reagan counties, Tex.
- To fund the deal, LPI announces a public offering of 12M common shares, with an underwriters option to purchase up to an additional 1.8M shares.
Fri, May 13, 5:38 PM
Fri, May 13, 12:57 PM
- Carrizo Oil & Gas (CRZO -1.2%) and Energen (EGN -1.3%) are upgraded to Overweight from Neutral at J.P. Morgan, which says the small-to-midcap E&P sector delivered a generally positive Q1 from an operational standpoint and “several updates driving NAV accretion.”
- JPM likes CRZO as it expects lower completed well costs in the Eagle Ford and thinks the company is well-positioned entering 2017 from an operational standpoint; the firm raises its stock price target to $40 from $35.
- EGN enjoys a robust balance sheet, which may be further strengthened by an anticipated $400M in asset sales, the firm says, raising the stock price target to $51 from $43.
- The firm upgrades Laredo Petroleum (LPI -0.8%) to Neutral from Underweight with a $12 price target, raised from $9.
Tue, May 10, 4:38 PM
Wed, May 4, 5:16 PM
- Laredo Petroleum (NYSE:LPI): Q1 EPS of $0.08 beats by $0.02.
- Revenue of $106.6M (-29.3% Y/Y) misses by $11.55M.
- Shares +2.3% AH.
Tue, May 3, 5:35 PM
- AGO, ALDW, ALIM, ALJ, ALL, ANDE, ARCW, AREX, ARRS, ATO, AUY, AWK, AWR, BNFT, BREW, BRKR, CB, CBPO, CCRN, CDI, CECO, CENT, CF, CLR, CODI, CONE, CPE, CPSI, CSII, CSOD, CTL, CTLT, CUZ, CW, CWST, CXO, CXW, DAC, DOX, DPM, DVA, ECR, EPM, EQC, EQIX, ES, ETE, ETP, EXEL, FEIC, FICO, FIT, FLT, FLTX, FNV, FOXA, FRPT, FRSH, FRT, GDDY, GDOT, GHDX, GIL, GPOR, GTY, HABT, HASI, HDP, HIL, HIVE, HOS, HR, HRTG, HUBS, IAC, INFI, IO, IRG, JONE, KHC, KND, KONA, KTOS, KW, LGCY, LHCG, LNC, LNT, LPI, LPSN, LXU, MAA, MASI, MATX, MCHP, MCK, MED, MET, MHLD, MNR, MRO, MTRX, MTW, MUR, NCMI, NLY, NVAX, OHI, OME, ORA, OREX, OSUR, PAA, PAGP, PDLI, PE, PEIX, PHH, PNNT, PRI, PRU, QRVO, QUIK, RICE, RIG, RLJ, RLYP, RP, RRTS, RST, RYN, SBY, SKUL, SQNM, SRC, SUN, SWM, SXL, SZYM, TASR, TCAP, TEAR, THG, TLLP, TPC, TPUB, TRIP, TROX, TSLA, TSLX, TSO, TWO, VECO, VNDA, VRNS, WBMD, WFM, WFT, WGL, WMB, WMGI, WPG, WPX, WTI, WTS, WTW, XEC, XOXO, YUME, ZNGA
Wed, Mar. 30, 3:30 PM
- Analysts at Seaport Global upgrade seven oil and gas producers, advocating for increased exposure to select names they say should protect investors in the event of a move back toward $50/bbl, while downgrading 11 others.
- Seaport upgrades seven companies to Buy: Continental Resources (CLR +3.4%), Callon Petroleum (CPE +1.4%), Marathon Oil (MRO +1.9%), Oasis Petroleum (OAS +2.8%), Rice Energy (RICE +1.7%), Petroquest Energy (PQ +9.1%) and Lonestar Resources (OTCQX:LNREF +6.6%).
- Downgraded to Sell are Whiting Petroleum (WLL +4.1%), Southwestern Energy (SWN -2.5%), WPX Energy (WPX +0.6%), Laredo Petroleum (LPI -1.1%), Jones Energy (JONE +0.9%), Northern Oil & Gas (NOG +1%), Carrizo Oil & Gas (CRZO +1.6%), Memorial Resource (MRD +2.5%), Matador Resources (MTDR -0.3%), Sanchez Energy (SN +1.6%) and PDC Energy (PDCE -0.9%).
- The firm also favors gaining leverage to the Oklahoma STACK play, thus CLR and Newfield Exploration (NFX +1.9%) have "taken the pole position away" from Permian producers Parsley Energy (PE +1.3%) and Pioneer Natural Resources (PXD +1%).
Wed, Mar. 9, 7:20 PM
- Oil production in the Permian Basin has been much more resilient in the face of the ~65% drop in oil prices since mid-2014 than other shale regions, and in fact has been climbing steadily while the Eagle Ford and Bakken plays are showing overall declines.
- As of early February, Permian's oil production slightly exceeded 2M bbl/day - up from 1.4M bbl/day at the beginning of 2014 - even though the drilling rig count for the basin fell to 181 from about 550 a year earlier, and EIA data released Monday projects Permian’s output at 2.036M bbl/day while Eagle Ford and Bakken are expected to continue to drop.
- "If you are in an oil-producing related business, the Permian Basin is the place to be in 2016,” says energy consultant Charles Perry.
- Relevant tickers include PXD, OXY, CVX, COP, CXO, APA, DVN, APC, XOM, NBL, CPE, PE, FANG, RSPP, LPI, XEC, EQT
Tue, Feb. 16, 6:11 PM
- Laredo Petroleum (NYSE:LPI): Q4 EPS of $0.06 misses by $0.05.
- Revenue of $123.28M (-48.2% Y/Y) misses by $28.64M.
Mon, Feb. 15, 5:35 PM
Dec. 9, 2015, 10:36 AM
- Concho Resources (CXO +2.3%) and Pioneer Natural Resources (PXD +4.3%) are named J.P. Morgan's top large-cap picks among E&P companies focused on the Permian Basin, which the firm says is positioned at the low end of the U.S. tight oil cost curve and thus poised to benefit from efficiency and productivity gains.
- CXO boasts a deep inventory of high rate of return locations in the Delaware Basin; given the company's success there, the firm sees the potential for a "positive rate of change" in the Midland Basin.
- Even though PXD has lagged its Permian peers over the past 12-18 months on a weaker capital efficiency metric, the firm expects the company to realize a positive turn in capital efficiency along with differential oil growth to drive outperformance.
- Parsley Energy (PE +4.2%) and Diamondback Energy (FANG +4.4%) are JPM's top small- and mid-cap picks; Cimarex (XEC +1.7%), Energen (EGN +1.8%) and RSP Permian (RSPP +2.6%) are rated Neutral, while Laredo Petroleum (LPI +4.7%) is tagged with an Underweight rating.
Nov. 5, 2015, 6:50 AM
- Laredo Petroleum (NYSE:LPI): Q3 EPS of $0.07 beats by $0.01.
- Revenue of $150.3M (-24.9% Y/Y) misses by $1.31M.