Laredo Petroleum Inc (NYSE:LPI)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $2.42, but opened at $2.52. Laredo Petroleum shares last traded at $2.57, with a volume of 85149 shares traded.

LPI has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Laredo Petroleum from a “hold” rating to a “buy” rating and set a $3.50 target price for the company in a research note on Tuesday, April 30th. Williams Capital upgraded Laredo Petroleum from a “hold” rating to a “buy” rating and raised their target price for the stock from $4.00 to $5.50 in a research note on Thursday, May 16th. Capital One Financial upgraded Laredo Petroleum from an “underweight” rating to an “equal weight” rating and set a $7.00 price objective for the company in a research note on Thursday, May 23rd. Societe Generale lowered Laredo Petroleum from a “buy” rating to a “hold” rating in a research note on Friday, February 15th. Finally, MKM Partners reiterated a “neutral” rating and set a $3.00 price objective (down previously from $5.00) on shares of Laredo Petroleum in a research note on Friday, February 15th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. Laredo Petroleum currently has an average rating of “Hold” and an average price target of $6.94.

The company has a market cap of $622.14 million, a price-to-earnings ratio of 3.29 and a beta of 1.46. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.92.

Laredo Petroleum (NYSE:LPI) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas producer reported $0.12 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.02. The business had revenue of $208.95 million during the quarter, compared to analyst estimates of $198.64 million. Laredo Petroleum had a return on equity of 17.30% and a net margin of 21.68%. The company’s revenue was down 19.5% on a year-over-year basis. During the same quarter last year, the business posted $0.24 EPS. Analysts expect that Laredo Petroleum Inc will post 0.75 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in shares of Laredo Petroleum by 0.4% during the 1st quarter. BlackRock Inc. now owns 23,687,789 shares of the oil and gas producer’s stock valued at $73,195,000 after buying an additional 101,663 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Laredo Petroleum by 17.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 11,869,819 shares of the oil and gas producer’s stock valued at $36,678,000 after buying an additional 1,744,481 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Laredo Petroleum by 171.2% in the 4th quarter. Bank of New York Mellon Corp now owns 5,602,765 shares of the oil and gas producer’s stock valued at $20,282,000 after purchasing an additional 3,537,075 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Laredo Petroleum by 3,907.3% in the 1st quarter. Renaissance Technologies LLC now owns 4,476,200 shares of the oil and gas producer’s stock valued at $13,831,000 after purchasing an additional 4,364,500 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Laredo Petroleum in the 4th quarter valued at about $11,611,000. Institutional investors and hedge funds own 96.53% of the company’s stock.

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About Laredo Petroleum (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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