Laredo Petroleum (NYSE:LPI) Shares Gap Down to $2.74

Laredo Petroleum Inc (NYSE:LPI) gapped down prior to trading on Thursday . The stock had previously closed at $2.86, but opened at $2.74. Laredo Petroleum shares last traded at $2.66, with a volume of 3,901,609 shares changing hands.

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

The firm has a market capitalization of $660.17 million, a price-to-earnings ratio of 2.86 and a beta of 1.59. The stock’s fifty day moving average is $2.71 and its two-hundred day moving average is $2.96. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.77.



Laredo Petroleum (NYSE:LPI) last issued its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.05. The business had revenue of $216.60 million for the quarter, compared to the consensus estimate of $213.24 million. Laredo Petroleum had a net margin of 40.05% and a return on equity of 15.59%. The firm’s revenue for the quarter was down 38.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.25 earnings per share. As a group, analysts anticipate 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 the business’s 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 filing with the SEC, which is available through this hyperlink. 3.00% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. King Luther Capital Management Corp bought a new position in Laredo Petroleum during the second quarter worth $29,000. LPL Financial LLC bought a new position in Laredo Petroleum during the second quarter worth $33,000. Birch Hill Investment Advisors LLC bought a new position in Laredo Petroleum during the second quarter worth $56,000. Magnus Financial Group LLC bought a new position in Laredo Petroleum during the second quarter worth $73,000. Finally, WINTON GROUP Ltd bought a new position in Laredo Petroleum during the second quarter worth $104,000. Institutional investors and hedge funds own 94.61% of the company’s stock.

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.

See Also: QQQ ETF

Receive News & Ratings for Laredo Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Laredo Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.