Shares of Laredo Petroleum Inc (NYSE:LPI) gapped up prior to trading on Wednesday . The stock had previously closed at $5.56, but opened at $5.69. Laredo Petroleum shares last traded at $5.81, with a volume of 4751536 shares changing hands.
Several analysts have weighed in on the company. Bank of America lowered their target price on Laredo Petroleum from $12.00 to $11.00 and set an “underperform” rating on the stock in a report on Thursday, August 2nd. Piper Jaffray Companies set a $14.00 target price on Laredo Petroleum and gave the company a “buy” rating in a report on Sunday, August 5th. Williams Capital reissued a “hold” rating and issued a $10.00 target price on shares of Laredo Petroleum in a report on Tuesday, August 21st. Finally, Zacks Investment Research raised Laredo Petroleum from a “hold” rating to a “buy” rating and set a $6.00 target price on the stock in a report on Friday, October 26th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. Laredo Petroleum currently has a consensus rating of “Hold” and a consensus target price of $11.79.
The company has a debt-to-equity ratio of 0.94, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market cap of $1.34 billion, a P/E ratio of 9.72, a price-to-earnings-growth ratio of 1.04 and a beta of 1.59.
In related news, Director Peter Kagan sold 12,300,000 shares of the stock in a transaction dated Thursday, September 27th. The stock was sold at an average price of $8.08, for a total transaction of $99,384,000.00. Following the transaction, the director now directly owns 115,107 shares in the company, valued at $930,064.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Pincus Private Equity Warburg sold 14,200,000 shares of the stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $7.42, for a total value of $105,364,000.00. The disclosure for this sale can be found here. 2.20% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Martingale Asset Management L P purchased a new position in Laredo Petroleum during the second quarter worth about $100,000. Creative Planning purchased a new position in Laredo Petroleum during the second quarter worth about $108,000. First Hawaiian Bank purchased a new position in Laredo Petroleum during the third quarter worth about $120,000. Point72 Hong Kong Ltd purchased a new position in Laredo Petroleum during the second quarter worth about $155,000. Finally, CIBC Asset Management Inc purchased a new position in Laredo Petroleum during the third quarter worth about $151,000.
Laredo Petroleum Company Profile (NYSE:LPI)
Laredo Petroleum, Inc operates as an independent energy company in the United States. It operates through two segments, Exploration and Production; and Midstream and Marketing. The company engages in the acquisition, exploration, and development of oil and natural gas properties; and the transportation of oil and natural gas primarily in the Permian Basin in West Texas, as well as rig fuel, natural gas lift, and water delivery and takeaway services.
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