Laredo Petroleum Inc. (NYSE:LPI)’s share price dropped 4.9% during mid-day trading on Tuesday . The stock traded as low as $11.03 and last traded at $11.18, with a volume of 2,322,680 shares changing hands. The stock had previously closed at $11.75.

LPI has been the topic of several research reports. Alembic Global Advisors raised Laredo Petroleum from a “neutral” rating to an “overweight” rating and upped their price target for the company from $7.00 to $16.00 in a research note on Monday, May 9th. Barclays PLC initiated coverage on Laredo Petroleum in a research note on Tuesday, June 21st. They set an “overweight” rating and a $14.00 price target on the stock. Zacks Investment Research lowered Laredo Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, April 20th. Topeka Capital Markets cut their price target on Laredo Petroleum from $14.00 to $9.00 and set a “buy” rating on the stock in a research note on Thursday, May 5th. Finally, Nomura reissued a “neutral” rating and issued a $11.00 target price (up previously from $10.00) on shares of Laredo Petroleum in a research note on Tuesday, June 21st. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the company. Laredo Petroleum presently has a consensus rating of “Hold” and an average target price of $13.54.

The company’s market capitalization is $2.44 billion. The company’s 50-day moving average is $10.51 and its 200 day moving average is $9.41.

Laredo Petroleum (NYSE:LPI) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.33) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by $0.43. The business earned $146.77 million during the quarter, compared to analysts’ expectations of $138.30 million. The company’s revenue for the quarter was down 19.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.05 earnings per share. Equities analysts predict that Laredo Petroleum Inc. will post $0.44 EPS for the current fiscal year.

Several hedge funds and institutional investors have made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in shares of Laredo Petroleum by 49.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,483,886 shares of the company’s stock worth $11,854,000 after buying an additional 492,473 shares in the last quarter. Schroder Investment Management Group increased its position in shares of Laredo Petroleum by 78.0% in the fourth quarter. Schroder Investment Management Group now owns 753,055 shares of the company’s stock worth $6,017,000 after buying an additional 330,052 shares in the last quarter. Swiss National Bank increased its position in shares of Laredo Petroleum by 0.9% in the fourth quarter. Swiss National Bank now owns 221,800 shares of the company’s stock worth $1,772,000 after buying an additional 1,900 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Laredo Petroleum by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 235,481 shares of the company’s stock worth $1,881,000 after buying an additional 3,692 shares in the last quarter. Finally, Russell Frank Co increased its position in shares of Laredo Petroleum by 215.5% in the fourth quarter. Russell Frank Co now owns 147,781 shares of the company’s stock worth $1,160,000 after buying an additional 100,943 shares in the last quarter.

Laredo Petroleum, Inc (Laredo) is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, and the transportation of oil and natural gas from such properties primarily in the Permian Basin in West Texas. The Company’s segments include Exploration and production, and Midstream and marketing.

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