Traders Purchase High Volume of Put Options on Laredo Petroleum (LPI)

Laredo Petroleum Inc (NYSE:LPI) was the target of unusually large options trading on Thursday. Traders acquired 12,226 put options on the stock. This is an increase of approximately 10,088% compared to the average daily volume of 120 put options.

Several research firms have commented on LPI. Tudor Pickering cut Laredo Petroleum from a “buy” rating to a “hold” rating in a report on Thursday, May 10th. Williams Capital set a $11.00 price target on Laredo Petroleum and gave the company a “hold” rating in a report on Thursday, May 3rd. Robert W. Baird cut Laredo Petroleum from an “outperform” rating to a “neutral” rating in a report on Thursday, May 3rd. ValuEngine cut Laredo Petroleum from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 2nd. Finally, Stephens reaffirmed a “hold” rating and issued a $10.00 price target on shares of Laredo Petroleum in a report on Thursday, March 15th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the company’s stock. Laredo Petroleum has an average rating of “Hold” and a consensus price target of $12.34.

Shares of Laredo Petroleum opened at $9.98 on Friday, according to MarketBeat. Laredo Petroleum has a 1 year low of $9.53 and a 1 year high of $9.76. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $2.29 billion, a PE ratio of 16.63, a P/E/G ratio of 1.84 and a beta of 1.20.

Laredo Petroleum (NYSE:LPI) last issued its earnings results on Wednesday, May 2nd. The oil and gas producer reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.26 by ($0.02). Laredo Petroleum had a return on equity of 27.02% and a net margin of 63.53%. The company had revenue of $259.70 million during the quarter, compared to analyst estimates of $211.73 million. During the same period in the previous year, the company posted $0.10 earnings per share. The company’s quarterly revenue was up 37.4% on a year-over-year basis. equities research analysts expect that Laredo Petroleum will post 1.06 earnings per share for the current year.

Laredo Petroleum declared that its Board of Directors has initiated a share buyback program on Wednesday, February 14th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the oil and gas producer to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Several institutional investors and hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN raised its holdings in shares of Laredo Petroleum by 2.6% in the 4th quarter. Wells Fargo & Company MN now owns 304,856 shares of the oil and gas producer’s stock worth $3,234,000 after buying an additional 7,683 shares in the last quarter. Chicago Equity Partners LLC raised its holdings in shares of Laredo Petroleum by 7.6% in the 1st quarter. Chicago Equity Partners LLC now owns 129,570 shares of the oil and gas producer’s stock worth $1,129,000 after buying an additional 9,150 shares in the last quarter. Aperio Group LLC raised its holdings in shares of Laredo Petroleum by 52.7% in the 1st quarter. Aperio Group LLC now owns 26,848 shares of the oil and gas producer’s stock worth $234,000 after buying an additional 9,261 shares in the last quarter. Swiss National Bank raised its holdings in shares of Laredo Petroleum by 3.7% in the 1st quarter. Swiss National Bank now owns 274,400 shares of the oil and gas producer’s stock worth $2,390,000 after buying an additional 9,900 shares in the last quarter. Finally, HRT Financial LLC acquired a new position in shares of Laredo Petroleum in the 4th quarter worth approximately $117,000.

Laredo Petroleum Company Profile

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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