Laredo Petroleum Inc. (LPI) Sees Large Volume Increase
Laredo Petroleum Inc. (NYSE:LPI) shares saw strong trading volume on Thursday . 9,833,505 shares traded hands during mid-day trading, an increase of 173% from the previous session’s volume of 3,606,111 shares.The stock last traded at $10.73 and had previously closed at $11.15.
Several equities research analysts have recently weighed in on the company. Imperial Capital assumed coverage on Laredo Petroleum in a report on Thursday, May 26th. They issued an “in-line” rating and a $12.50 price objective for the company. Alembic Global Advisors raised Laredo Petroleum from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $7.00 to $16.00 in a report on Monday, May 9th. BMO Capital Markets reissued a “hold” rating and issued a $12.00 price objective on shares of Laredo Petroleum in a report on Wednesday, June 15th. Deutsche Bank AG reissued a “hold” rating and issued a $9.00 price objective on shares of Laredo Petroleum in a report on Thursday, June 16th. Finally, Topeka Capital Markets increased their price objective on Laredo Petroleum from $14.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, May 11th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $13.35.
The company’s market cap is $2.24 billion. The company’s 50 day moving average price is $11.31 and its 200-day moving average price is $9.07.
Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings data on Wednesday, May 4th. The company reported $0.08 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. The firm’s quarterly revenue was down 29.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.03 EPS. On average, equities research analysts expect that Laredo Petroleum Inc. will post $0.40 EPS for the current year.
Several large investors recently made changes to their positions in the company. Russell Frank Co raised its stake 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 during the period. Swiss National Bank raised its stake 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 during the period. California State Teachers Retirement System raised its stake 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 during the period. Sei Investments Co. raised its stake in shares of 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 during the period. Finally, Engineers Gate Manager LP bought a new stake in shares of Laredo Petroleum during the fourth quarter worth about $2,265,000.
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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