Systematic Financial Management LP Sells 94,605 Shares of Laredo Petroleum Inc (NYSE:LPI)

Systematic Financial Management LP reduced its holdings in shares of Laredo Petroleum Inc (NYSE:LPI) by 26.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 266,610 shares of the oil and gas producer’s stock after selling 94,605 shares during the period. Systematic Financial Management LP owned about 0.11% of Laredo Petroleum worth $773,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of LPI. Cornerstone Investment Partners LLC purchased a new position in shares of Laredo Petroleum in the 1st quarter valued at $51,000. Birch Hill Investment Advisors LLC purchased a new position in shares of Laredo Petroleum in the 2nd quarter valued at $56,000. Amalgamated Bank increased its holdings in shares of Laredo Petroleum by 25.4% in the 4th quarter. Amalgamated Bank now owns 23,366 shares of the oil and gas producer’s stock valued at $85,000 after acquiring an additional 4,735 shares during the period. Virtu Financial LLC increased its holdings in shares of Laredo Petroleum by 14.5% in the 1st quarter. Virtu Financial LLC now owns 29,013 shares of the oil and gas producer’s stock valued at $90,000 after acquiring an additional 3,680 shares during the period. Finally, WINTON GROUP Ltd purchased a new position in shares of Laredo Petroleum in the 2nd quarter valued at $104,000. 96.06% of the stock is owned by hedge funds and other institutional investors.

LPI stock traded up $0.15 on Tuesday, hitting $2.94. 88,511 shares of the company’s stock were exchanged, compared to its average volume of 7,823,343. Laredo Petroleum Inc has a 12-month low of $2.38 and a 12-month high of $9.03. The stock’s 50 day simple moving average is $2.88. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $638.79 million, a PE ratio of 3.17 and a beta of 1.46.

Laredo Petroleum (NYSE:LPI) last announced its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.05. Laredo Petroleum had a return on equity of 15.59% and a net margin of 40.05%. The firm had revenue of $216.60 million for the quarter, compared to the consensus estimate of $213.24 million. During the same period in the previous year, the business earned $0.25 EPS. The firm’s revenue for the quarter was down 38.3% on a year-over-year basis. As a group, sell-side analysts forecast that Laredo Petroleum Inc will post 0.76 earnings per share for the current year.

A number of brokerages have recently issued reports on LPI. JPMorgan Chase & Co. upgraded Laredo Petroleum from an “underweight” rating to a “neutral” rating in a report on Wednesday, July 31st. Credit Suisse Group upgraded Laredo Petroleum from an “underperform” rating to a “neutral” rating and set a $2.83 price target on the stock in a report on Tuesday, July 9th. They noted that the move was a valuation call. Robert W. Baird upgraded Laredo Petroleum from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $3.00 to $7.00 in a report on Thursday, May 9th. Zacks Investment Research downgraded Laredo Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Finally, Williams Capital upgraded Laredo Petroleum from a “hold” rating to a “buy” rating and lifted their price target for the company from $4.00 to $5.50 in a report on Thursday, May 16th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $4.80.

Laredo Petroleum Company Profile

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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Institutional Ownership by Quarter for Laredo Petroleum (NYSE:LPI)

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