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.

LPI has been the subject of several recent analyst reports. Zacks Investment Research raised shares of Laredo Petroleum from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a research note on Thursday, May 9th. Williams Capital raised shares of Laredo Petroleum from a “hold” rating to a “buy” rating and lifted their target price 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 report on Thursday, May 23rd. Finally, Robert W. Baird upgraded shares of Laredo Petroleum from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $3.00 to $7.00 in a report on Thursday, May 9th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. Laredo Petroleum presently has an average rating of “Hold” and an average price target of $6.97.

The company has a market cap of $674.17 million, a P/E ratio of 3.10 and a beta of 1.46. The company’s fifty day simple moving average is $2.91. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.92.

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

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its holdings in Laredo Petroleum by 171.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,602,765 shares of the oil and gas producer’s stock worth $20,282,000 after buying an additional 3,537,075 shares during the last quarter. Norges Bank bought a new stake in Laredo Petroleum during the fourth quarter worth about $11,611,000. SG Americas Securities LLC bought a new stake in Laredo Petroleum during the first quarter worth about $4,454,000. Dimensional Fund Advisors LP lifted its position in Laredo Petroleum by 15.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,125,338 shares of the oil and gas producer’s stock worth $36,654,000 after purchasing an additional 1,330,494 shares during the period. Finally, Marshall Wace North America L.P. bought a new stake in Laredo Petroleum during the first quarter worth about $2,726,000. Institutional investors 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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