Laredo Petroleum (NYSE:LPI) Shares Up 5.6%

Laredo Petroleum Inc (NYSE:LPI)’s stock price shot up 5.6% during trading on Monday . The company traded as high as $2.79 and last traded at $2.63, 10,038,999 shares traded hands during mid-day trading. An increase of 84% from the average session volume of 5,450,054 shares. The stock had previously closed at $2.49.

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Laredo Petroleum from an “underweight” rating to a “neutral” rating in a report on Wednesday, July 31st. Capital One Financial upgraded shares of Laredo Petroleum from an “underweight” rating to an “equal weight” rating and set a $7.00 target price for the company in a research note on Thursday, May 23rd. Williams Capital raised Laredo Petroleum from a “hold” rating to a “buy” rating and increased their target price for the company from $4.00 to $5.50 in a report on Thursday, May 16th. Zacks Investment Research cut Laredo Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Finally, Credit Suisse Group upgraded Laredo Petroleum from an “underperform” rating to a “neutral” rating and set a $2.83 price target on the stock in a research note on Tuesday, July 9th. They noted that the move was a valuation call. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $4.80.

The company has a debt-to-equity ratio of 0.77, a current ratio of 1.13 and a quick ratio of 1.13. The company’s 50 day simple moving average is $2.71 and its 200 day simple moving average is $2.96. The company has a market capitalization of $660.17 million, a PE ratio of 2.95 and a beta of 1.59.

Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.05. Laredo Petroleum had a net margin of 40.05% and a return on equity of 15.59%. The business had revenue of $216.60 million during the quarter, compared to the consensus estimate of $213.24 million. During the same quarter in the previous year, the firm earned $0.25 EPS. The company’s revenue was down 38.3% compared to the same quarter last year. On average, equities analysts forecast that Laredo Petroleum Inc will post 0.75 EPS for the current year.

In related news, major shareholder Warburg Pincus Llc sold 69,874 shares of Laredo Petroleum stock in a transaction on Monday, August 12th. The shares were sold at an average price of $2.76, for a total transaction of $192,852.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 3.00% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in shares of Laredo Petroleum by 0.5% during the second quarter. BlackRock Inc. now owns 23,796,348 shares of the oil and gas producer’s stock worth $69,009,000 after purchasing an additional 108,559 shares during the last quarter. Luminus Management LLC boosted its position in shares of Laredo Petroleum by 286.6% in the 2nd quarter. Luminus Management LLC now owns 10,695,485 shares of the oil and gas producer’s stock valued at $31,017,000 after purchasing an additional 7,929,185 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Laredo Petroleum by 15.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,125,338 shares of the oil and gas producer’s stock valued at $36,654,000 after purchasing an additional 1,330,494 shares during the period. Parametric Portfolio Associates LLC grew its stake in Laredo Petroleum by 352.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 3,602,580 shares of the oil and gas producer’s stock worth $10,447,000 after buying an additional 2,805,931 shares during the last quarter. Finally, LSV Asset Management grew its stake in Laredo Petroleum by 1.7% during the 2nd quarter. LSV Asset Management now owns 3,504,809 shares of the oil and gas producer’s stock worth $10,163,000 after buying an additional 59,700 shares during the last quarter. 94.61% of the stock is owned by hedge funds and other institutional investors.

Laredo Petroleum Company Profile (NYSE:LPI)

Laredo Petroleum, Inc, an independent energy company, engages in the acquisition, exploration, and development of oil and natural gas properties in the Permian Basin of West Texas, the United States. The company also provides midstream and marketing services comprising transportation and marketing of oil and natural gas; and natural gas lift systems, crude oil and natural gas gathering, and water delivery and takeaway services.

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