Laredo Petroleum (LPI) Shares Up 5.5%

Laredo Petroleum Inc (NYSE:LPI) shares shot up 5.5% during mid-day trading on Friday . The stock traded as high as $9.39 and last traded at $9.23. 18,639,400 shares were traded during mid-day trading, an increase of 391% from the average session volume of 3,797,443 shares. The stock had previously closed at $8.75.

Several brokerages recently weighed in on LPI. ValuEngine cut Laredo Petroleum from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Robert W. Baird cut Laredo Petroleum from an “outperform” rating to a “neutral” rating in a research note on Thursday, May 3rd. Tudor Pickering cut Laredo Petroleum from a “buy” rating to a “hold” rating in a research note on Thursday, May 10th. Williams Capital set a $11.00 target price on Laredo Petroleum and gave the company a “hold” rating in a research note on Thursday, May 3rd. Finally, Bank of America decreased their target price on Laredo Petroleum from $13.00 to $11.00 and set an “underperform” rating for the company in a research note on Thursday, March 8th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $12.34.

The firm has a market cap of $2.06 billion, a P/E ratio of 15.38, a price-to-earnings-growth ratio of 1.62 and a beta of 1.12. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.77 and a quick ratio of 0.77.

Laredo Petroleum (NYSE:LPI) last announced its earnings results on Wednesday, May 2nd. The oil and gas producer reported $0.24 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.02). Laredo Petroleum had a net margin of 63.53% and a return on equity of 27.02%. The company had revenue of $259.70 million for the quarter, compared to analysts’ expectations of $211.73 million. During the same period in the prior year, the company earned $0.10 earnings per share. The company’s revenue for the quarter was up 37.4% on a year-over-year basis. sell-side analysts predict that Laredo Petroleum Inc will post 1.08 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in LPI. Deutsche Bank AG lifted its holdings in shares of Laredo Petroleum by 2,834.0% during the fourth quarter. Deutsche Bank AG now owns 3,431,666 shares of the oil and gas producer’s stock valued at $36,406,000 after purchasing an additional 3,314,704 shares during the last quarter. SailingStone Capital Partners LLC lifted its holdings in shares of Laredo Petroleum by 3.3% during the fourth quarter. SailingStone Capital Partners LLC now owns 39,629,061 shares of the oil and gas producer’s stock valued at $420,464,000 after purchasing an additional 1,251,905 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Laredo Petroleum by 67.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,955,803 shares of the oil and gas producer’s stock valued at $31,361,000 after purchasing an additional 1,194,099 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Laredo Petroleum by 384.1% during the first quarter. Wells Fargo & Company MN now owns 1,475,694 shares of the oil and gas producer’s stock valued at $12,853,000 after purchasing an additional 1,170,838 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Laredo Petroleum by 24.7% during the first quarter. Dimensional Fund Advisors LP now owns 4,747,858 shares of the oil and gas producer’s stock valued at $41,354,000 after purchasing an additional 941,336 shares during the last quarter.

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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