Marshall Wace North America L.P. bought a new stake in Laredo Petroleum Inc (NYSE:LPI) in the third quarter, HoldingsChannel.com reports. The institutional investor bought 1,800,000 shares of the oil and gas producer’s stock, valued at approximately $14,706,000.
A number of other institutional investors also recently modified their holdings of LPI. Aperio Group LLC increased its holdings in Laredo Petroleum by 435.2% in the second quarter. Aperio Group LLC now owns 143,703 shares of the oil and gas producer’s stock valued at $1,382,000 after buying an additional 116,855 shares in the last quarter. First Trust Advisors LP increased its holdings in Laredo Petroleum by 563.5% in the second quarter. First Trust Advisors LP now owns 296,874 shares of the oil and gas producer’s stock valued at $2,856,000 after buying an additional 252,132 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Laredo Petroleum by 2,827.1% in the second quarter. Victory Capital Management Inc. now owns 563,927 shares of the oil and gas producer’s stock valued at $5,425,000 after buying an additional 544,661 shares in the last quarter. Virginia Retirement Systems ET AL purchased a new position in Laredo Petroleum in the second quarter valued at about $642,000. Finally, Sei Investments Co. increased its holdings in Laredo Petroleum by 99.7% in the second quarter. Sei Investments Co. now owns 179,979 shares of the oil and gas producer’s stock valued at $1,732,000 after buying an additional 89,857 shares in the last quarter.
A number of brokerages have issued reports on LPI. Williams Capital reaffirmed a “hold” rating and issued a $8.00 target price on shares of Laredo Petroleum in a report on Tuesday, November 6th. Zacks Investment Research raised shares of Laredo Petroleum from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a research note on Friday, October 26th. Finally, MKM Partners initiated coverage on shares of Laredo Petroleum in a research note on Wednesday. They set a “buy” rating and a $9.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $11.23.
Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings data on Monday, November 5th. The oil and gas producer reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.03). Laredo Petroleum had a return on equity of 24.30% and a net margin of 51.61%. The business had revenue of $279.70 million for the quarter, compared to analysts’ expectations of $276.95 million. During the same period last year, the business earned $0.13 earnings per share. The company’s revenue for the quarter was up 35.9% on a year-over-year basis. As a group, sell-side analysts expect that Laredo Petroleum Inc will post 1.02 earnings per share for the current fiscal year.
In other Laredo Petroleum news, major shareholder Pincus Private Equity Warburg sold 14,200,000 shares of Laredo Petroleum stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $7.42, for a total value of $105,364,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter Kagan sold 12,300,000 shares of Laredo Petroleum stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 115,107 shares of the company’s stock, valued at $930,064.56. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.
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About Laredo Petroleum
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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