Wellington Management Group LLP increased its position in shares of Laredo Petroleum, Inc. (NYSE:LPI) by 25.2% during the first quarter, Holdings Channel reports. The institutional investor owned 4,311,310 shares of the oil and gas producer’s stock after buying an additional 869,100 shares during the period. Wellington Management Group LLP owned about 1.81% of Laredo Petroleum worth $62,944,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. AXA raised its stake in shares of Laredo Petroleum by 121.2% in the first quarter. AXA now owns 78,426 shares of the oil and gas producer’s stock worth $1,145,000 after buying an additional 42,965 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Laredo Petroleum during the first quarter worth $365,000. IBM Retirement Fund raised its stake in Laredo Petroleum by 313.5% in the first quarter. IBM Retirement Fund now owns 48,048 shares of the oil and gas producer’s stock worth $702,000 after buying an additional 36,429 shares during the period. SG Americas Securities LLC raised its stake in Laredo Petroleum by 3.4% in the first quarter. SG Americas Securities LLC now owns 125,497 shares of the oil and gas producer’s stock worth $1,832,000 after buying an additional 4,113 shares during the period. Finally, Prudential Financial Inc. raised its stake in Laredo Petroleum by 2,831.4% in the first quarter. Prudential Financial Inc. now owns 649,638 shares of the oil and gas producer’s stock worth $9,485,000 after buying an additional 627,477 shares during the period.
Laredo Petroleum, Inc. (NYSE LPI) traded down 1.67% during trading on Friday, hitting $10.63. 6,285,748 shares of the stock traded hands. The company’s 50 day moving average price is $12.12 and its 200 day moving average price is $13.53. The company’s market cap is $2.54 billion. Laredo Petroleum, Inc. has a 12 month low of $9.20 and a 12 month high of $16.47.
Laredo Petroleum (NYSE:LPI) last posted its earnings results on Wednesday, May 3rd. The oil and gas producer reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.11 by $0.01. The business had revenue of $189 million for the quarter, compared to analysts’ expectations of $164.39 million. Laredo Petroleum had a positive return on equity of 75.64% and a negative net margin of 1.78%. Laredo Petroleum’s revenue for the quarter was up 77.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.08 EPS. On average, equities research analysts anticipate that Laredo Petroleum, Inc. will post $0.55 EPS for the current fiscal year.
A number of analysts recently weighed in on LPI shares. Credit Suisse Group reaffirmed a “sell” rating on shares of Laredo Petroleum in a research note on Friday, February 17th. Piper Jaffray Companies raised shares of Laredo Petroleum from a “neutral” rating to an “overweight” rating in a research note on Tuesday, February 21st. Zacks Investment Research lowered shares of Laredo Petroleum from a “buy” rating to a “hold” rating and set a $16.00 price objective for the company. in a research note on Tuesday, February 28th. Scotiabank set a $15.00 price objective on shares of Laredo Petroleum and gave the stock a “hold” rating in a research note on Monday, March 27th. Finally, Seaport Global Securities raised shares of Laredo Petroleum from a “neutral” rating to a “buy” rating in a research note on Friday, March 31st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company. Laredo Petroleum has a consensus rating of “Buy” and a consensus target price of $15.52.
In related news, VP Patrick J. Curth sold 43,830 shares of the business’s stock in a transaction that occurred on Friday, March 31st. The stock was sold at an average price of $14.41, for a total transaction of $631,590.30. Following the completion of the sale, the vice president now owns 232,386 shares in the company, valued at $3,348,682.26. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Peter Kagan sold 163,207 shares of the business’s stock in a transaction that occurred on Friday, March 31st. The stock was sold at an average price of $14.34, for a total value of $2,340,388.38. Following the sale, the director now owns 68,006 shares of the company’s stock, valued at approximately $975,206.04. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.
About Laredo Petroleum
Laredo Petroleum, Inc (Laredo) is an independent energy company. The Company is focused on the acquisition, exploration and development of oil and natural gas properties, and the transportation of oil and natural gas from such properties primarily in the Permian Basin in West Texas. It operates through two segments: Exploration and production of oil and natural gas properties, and Midstream and marketing.
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