Laredo Petroleum (LPI) Shares Gap Up to $5.69

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.

Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings data on Monday, November 5th. The oil and gas producer reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.03). The company had revenue of $279.70 million for the quarter, compared to analyst estimates of $276.95 million. Laredo Petroleum had a net margin of 51.61% and a return on equity of 25.16%. The firm’s revenue was up 35.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.13 EPS. Research analysts predict that Laredo Petroleum Inc will post 1.09 earnings per share for the current fiscal year.

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.

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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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