Laredo Petroleum (NYSE:LPI) Shares Gap Up to $2.66

Laredo Petroleum Inc (NYSE:LPI)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $2.59, but opened at $2.66. Laredo Petroleum shares last traded at $2.67, with a volume of 4,437,400 shares trading hands.

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

The business has a fifty day simple moving average of $2.70 and a two-hundred day simple moving average of $2.96. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The company has a market cap of $649.48 million, a PE ratio of 2.87 and a beta of 1.59.



Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The company had revenue of $216.60 million for the quarter, compared to analyst estimates of $213.24 million. Laredo Petroleum had a return on equity of 15.59% and a net margin of 40.05%. The firm’s revenue for the quarter was down 38.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.25 EPS. Equities analysts expect that Laredo Petroleum Inc will post 0.75 EPS for the current year.

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

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in Laredo Petroleum by 0.5% in the 2nd quarter. BlackRock Inc. now owns 23,796,348 shares of the oil and gas producer’s stock valued at $69,009,000 after purchasing an additional 108,559 shares in the last quarter. Luminus Management LLC raised its holdings in shares of Laredo Petroleum by 286.6% during the 2nd quarter. Luminus Management LLC now owns 10,695,485 shares of the oil and gas producer’s stock worth $31,017,000 after acquiring an additional 7,929,185 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Laredo Petroleum by 15.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,125,338 shares of the oil and gas producer’s stock worth $36,654,000 after acquiring an additional 1,330,494 shares during the period. Parametric Portfolio Associates LLC raised its holdings in shares of 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 acquiring an additional 2,805,931 shares during the period. Finally, LSV Asset Management raised its holdings in shares of 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 acquiring an additional 59,700 shares during the period. Institutional investors 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.

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