Shares of Laredo Petroleum, Inc. (NYSE:LPI – Get Rating) gapped down prior to trading on Wednesday after Piper Sandler lowered their price target on the stock from $83.00 to $82.00. The stock had previously closed at $64.72, but opened at $61.39. Piper Sandler currently has a neutral rating on the stock. Laredo Petroleum shares last traded at $58.58, with a volume of 13,312 shares trading hands.
LPI has been the topic of several other reports. Wells Fargo & Company increased their price target on shares of Laredo Petroleum from $113.00 to $125.00 and gave the company an “underweight” rating in a research note on Monday, July 11th. StockNews.com assumed coverage on Laredo Petroleum in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Raymond James cut their target price on shares of Laredo Petroleum from $110.00 to $95.00 and set an “outperform” rating on the stock in a report on Thursday, August 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $105.50.
Insiders Place Their Bets
In other news, CEO M. Jason Pigott sold 3,750 shares of the company’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $69.88, for a total transaction of $262,050.00. Following the transaction, the chief executive officer now directly owns 114,407 shares of the company’s stock, valued at approximately $7,994,761.16. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Jessica R. Wren sold 1,009 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $72.02, for a total value of $72,668.18. Following the sale, the insider now owns 3,145 shares of the company’s stock, valued at approximately $226,502.90. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO M. Jason Pigott sold 3,750 shares of the firm’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $69.88, for a total value of $262,050.00. Following the transaction, the chief executive officer now directly owns 114,407 shares of the company’s stock, valued at approximately $7,994,761.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,509 shares of company stock worth $585,406. 2.20% of the stock is owned by insiders.
Institutional Trading of Laredo Petroleum
A number of large investors have recently made changes to their positions in LPI. BlackRock Inc. boosted its position in Laredo Petroleum by 2.2% during the first quarter. BlackRock Inc. now owns 2,209,331 shares of the oil and gas producer’s stock worth $174,846,000 after acquiring an additional 47,465 shares during the last quarter. State Street Corp increased its stake in Laredo Petroleum by 32.2% in the first quarter. State Street Corp now owns 2,085,000 shares of the oil and gas producer’s stock valued at $165,007,000 after purchasing an additional 507,541 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Laredo Petroleum by 7.4% during the first quarter. Dimensional Fund Advisors LP now owns 356,625 shares of the oil and gas producer’s stock worth $28,227,000 after buying an additional 24,657 shares during the period. Encompass Capital Advisors LLC acquired a new stake in Laredo Petroleum in the 2nd quarter worth about $24,125,000. Finally, Portolan Capital Management LLC grew its holdings in Laredo Petroleum by 201.8% in the 1st quarter. Portolan Capital Management LLC now owns 213,150 shares of the oil and gas producer’s stock valued at $16,869,000 after buying an additional 142,514 shares during the period. Institutional investors and hedge funds own 77.39% of the company’s stock.
Laredo Petroleum Stock Performance
The company has a market cap of $1.02 billion, a price-to-earnings ratio of 1.86 and a beta of 3.42. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.90. The stock’s 50 day moving average price is $70.07 and its 200 day moving average price is $75.24.
Laredo Petroleum (NYSE:LPI – Get Rating) last issued its quarterly earnings results on Wednesday, August 3rd. The oil and gas producer reported $7.50 EPS for the quarter, topping the consensus estimate of $7.49 by $0.01. The firm had revenue of $560.16 million during the quarter, compared to analyst estimates of $431.28 million. Laredo Petroleum had a net margin of 27.23% and a return on equity of 65.73%. On average, analysts expect that Laredo Petroleum, Inc. will post 25.58 EPS for the current fiscal year.
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 sells oil, natural gas liquids, and natural gas. As of December 31, 2021, it had assembled 166,064 net acres in the Permian Basin; and had total proved undeveloped reserves of 86,592 thousand barrels of oil equivalent.