Laredo Petroleum Inc (NYSE:LPI) Stock Position Reduced by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC trimmed its holdings in Laredo Petroleum Inc (NYSE:LPI) by 41.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,556 shares of the oil and gas producer’s stock after selling 26,947 shares during the period. Wedge Capital Management L L P NC’s holdings in Laredo Petroleum were worth $91,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of LPI. DekaBank Deutsche Girozentrale raised its stake in Laredo Petroleum by 330.7% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 52,882 shares of the oil and gas producer’s stock valued at $154,000 after purchasing an additional 40,603 shares during the last quarter. Aperio Group LLC lifted its position in Laredo Petroleum by 53.1% during the 2nd quarter. Aperio Group LLC now owns 270,113 shares of the oil and gas producer’s stock valued at $783,000 after purchasing an additional 93,693 shares during the period. CoreCommodity Management LLC lifted its position in Laredo Petroleum by 67.6% during the 2nd quarter. CoreCommodity Management LLC now owns 633,436 shares of the oil and gas producer’s stock valued at $1,837,000 after purchasing an additional 255,440 shares during the period. Advisory Services Network LLC acquired a new position in Laredo Petroleum during the 2nd quarter valued at about $172,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Laredo Petroleum by 49.3% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,145,600 shares of the oil and gas producer’s stock valued at $3,322,000 after acquiring an additional 378,300 shares during the period. 94.72% of the stock is owned by institutional investors.

Several brokerages have commented on LPI. Williams Capital set a $4.50 target price on shares of Laredo Petroleum and gave the stock a “buy” rating in a report on Tuesday, October 15th. ValuEngine cut shares of Laredo Petroleum from a “sell” rating to a “strong sell” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. raised shares of Laredo Petroleum from an “underweight” rating to a “neutral” rating in a research note on Wednesday, July 31st. Finally, Zacks Investment Research cut shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $4.55.

LPI traded up $0.02 during trading on Friday, hitting $2.60. The company’s stock had a trading volume of 4,458,172 shares, compared to its average volume of 5,503,079. Laredo Petroleum Inc has a twelve month low of $2.03 and a twelve month high of $5.84. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.77. The stock’s fifty day moving average price is $2.38 and its 200-day moving average price is $2.75. The firm has a market capitalization of $612.67 million, a P/E ratio of 2.80 and a beta of 1.62.

Laredo Petroleum (NYSE:LPI) last issued its earnings results on Tuesday, November 5th. The oil and gas producer reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. The company had revenue of $193.57 million for the quarter, compared to analyst estimates of $215.83 million. Laredo Petroleum had a return on equity of 13.81% and a net margin of 5.87%. During the same period in the prior year, the firm earned $0.27 earnings per share. Equities research analysts expect that Laredo Petroleum Inc will post 0.8 EPS for the current fiscal year.

In other Laredo Petroleum news, major shareholder Warburg Pincus Llc sold 69,874 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $2.76, for a total value of $192,852.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.00% of the stock is owned by corporate insiders.

About Laredo Petroleum

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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