Laredo Petroleum Inc. (LPI) Trading Up 8.7%
Shares of Laredo Petroleum Inc. (NYSE:LPI) were up 8.7% during trading on Tuesday . The stock traded as high as $11.88 and last traded at $11.70, with a volume of 1,325,523 shares. The stock had previously closed at $10.76.
Several analysts recently commented on LPI shares. Topeka Capital Markets dropped their price objective 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. Zacks Investment Research raised Laredo Petroleum from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research note on Friday, June 17th. Deutsche Bank AG reaffirmed a “hold” rating and set a $9.00 price objective (up previously from $6.00) on shares of Laredo Petroleum in a research note on Wednesday, March 23rd. KLR Group downgraded Laredo Petroleum from an “accumulate” rating to a “hold” rating and set a $7.00 price objective on the stock. in a research note on Monday, March 14th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $12.00 price target on shares of Laredo Petroleum in a research note on Wednesday, June 15th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $13.35.
The company’s 50-day moving average is $11.39 and its 200 day moving average is $9.01. The stock’s market capitalization is $2.46 billion.
Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings data on Wednesday, May 4th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.02. The firm earned $106.55 million during the quarter, compared to the consensus estimate of $118.15 million. During the same period in the previous year, the company posted $0.03 earnings per share. The company’s revenue for the quarter was down 29.3% on a year-over-year basis. Analysts anticipate that Laredo Petroleum Inc. will post $0.40 EPS for the current year.
Several hedge funds and institutional investors recently added to or reduced their stakes in LPI. Dimensional Fund Advisors LP increased its position in 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 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. New York State Common Retirement Fund increased its position in Laredo Petroleum by 1.3% in the fourth quarter. New York State Common Retirement Fund now owns 875,429 shares of the company’s stock worth $6,995,000 after buying an additional 11,045 shares in the last quarter. Engineers Gate Manager LP bought a new position in Laredo Petroleum during the fourth quarter worth $2,265,000. Finally, Sei Investments Co. increased its position in Laredo Petroleum by 165,856.5% in the fourth quarter. Sei Investments Co. now owns 267,190 shares of the company’s stock worth $2,134,000 after buying an additional 267,029 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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