Ratcheting Up Our Laredo FVE After Closer Look at 1Q Results
After a closer look at Laredo Petroleum's first-quarter operating and financial results, we are raising our fair value estimate to $6 per share, which reflects a 100% premium to the last closing price.We believe this stock is one of the most compelling opportunities in the upstream oil and gas segment. Only a year ago, it was trading above $10, before Laredo announced a midstream dispute with Shell that left it vulnerable to Permian Basin basis differentials right before a major pipeline capaci...
Laredo Petroleum is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, and midstream and marketing services, primarily in the Permian Basin of West Texas. The Permian Basin is comprised of several distinct geological provinces, including the Midland Basin to the east, the Delaware Basin to the west and the Central Platform in the middle. The company's primary development and production fairway is located on the east side of the Midland Basin, 35 miles east of Midland, TX. The company's acreage is contiguous in the neighboring Texas counties of Howard, Glasscock, Reagan, Sterling and Irion.
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