Laredo Petroleum (NYSE:LPI) Shares Gap Up to $2.81

Shares of Laredo Petroleum Inc (NYSE:LPI) gapped up before the market opened on Wednesday . The stock had previously closed at $2.74, but opened at $2.81. Laredo Petroleum shares last traded at $2.88, with a volume of 5,159,312 shares trading hands.

Several research analysts have weighed in on LPI shares. Zacks Investment Research upgraded shares of Laredo Petroleum from a “hold” rating to a “buy” rating and set a $3.75 price objective on the stock in a research note on Tuesday, May 21st. Williams Capital upgraded shares of Laredo Petroleum from a “hold” rating to a “buy” rating and increased their price target for the stock from $4.00 to $5.50 in a research note on Thursday, May 16th. Capital One Financial upgraded shares of Laredo Petroleum from an “underweight” rating to an “equal weight” rating and set a $7.00 price target on the stock in a research note on Thursday, May 23rd. Finally, Robert W. Baird raised shares of Laredo Petroleum from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $3.00 to $7.00 in a report on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $6.97.

The business has a fifty day moving average price of $2.91. The stock has a market capitalization of $674.17 million, a P/E ratio of 3.10 and a beta of 1.46. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.85 and a current ratio of 0.85.

Laredo Petroleum (NYSE:LPI) last issued its earnings results on Wednesday, May 1st. The oil and gas producer reported $0.12 EPS for the quarter, topping the consensus estimate of $0.10 by $0.02. Laredo Petroleum had a return on equity of 17.30% and a net margin of 21.68%. The business had revenue of $208.95 million during the quarter, compared to the consensus estimate of $198.64 million. During the same quarter last year, the company earned $0.24 EPS. The firm’s revenue was down 19.5% compared to the same quarter last year. Analysts forecast that Laredo Petroleum Inc will post 0.74 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. CoreCommodity Management LLC boosted its holdings in shares of Laredo Petroleum by 3.5% during the 4th quarter. CoreCommodity Management LLC now owns 78,646 shares of the oil and gas producer’s stock worth $285,000 after purchasing an additional 2,665 shares during the last quarter. Virtu Financial LLC lifted its stake in Laredo Petroleum by 14.5% during the first quarter. Virtu Financial LLC now owns 29,013 shares of the oil and gas producer’s stock worth $90,000 after purchasing an additional 3,680 shares in the last quarter. Texas Permanent School Fund lifted its stake in Laredo Petroleum by 3.8% during the first quarter. Texas Permanent School Fund now owns 103,240 shares of the oil and gas producer’s stock worth $319,000 after purchasing an additional 3,758 shares in the last quarter. Amalgamated Bank lifted its stake in Laredo Petroleum by 25.4% during the fourth quarter. Amalgamated Bank now owns 23,366 shares of the oil and gas producer’s stock worth $85,000 after purchasing an additional 4,735 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its stake in Laredo Petroleum by 26.5% during the fourth quarter. CIBC Asset Management Inc now owns 23,405 shares of the oil and gas producer’s stock worth $85,000 after purchasing an additional 4,896 shares in the last quarter. Institutional investors and hedge funds own 96.45% of the company’s stock.

Laredo Petroleum Company Profile (NYSE:LPI)

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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