Advisory Services Network LLC acquired a new stake in Laredo Petroleum Inc (NYSE:LPI) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 59,210 shares of the oil and gas producer’s stock, valued at approximately $172,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Municipal Employees Retirement System of Michigan increased its holdings in Laredo Petroleum by 25.3% during the second quarter. Municipal Employees Retirement System of Michigan now owns 72,900 shares of the oil and gas producer’s stock worth $211,000 after buying an additional 14,730 shares during the last quarter. Aperio Group LLC increased its holdings in Laredo Petroleum by 53.1% during the second quarter. Aperio Group LLC now owns 270,113 shares of the oil and gas producer’s stock worth $783,000 after buying an additional 93,693 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Laredo Petroleum during the second quarter worth $603,000. Arizona State Retirement System increased its holdings in Laredo Petroleum by 1.7% during the second quarter. Arizona State Retirement System now owns 238,516 shares of the oil and gas producer’s stock worth $692,000 after buying an additional 3,957 shares during the last quarter. Finally, Birch Hill Investment Advisors LLC acquired a new position in Laredo Petroleum during the second quarter worth $56,000. Institutional investors own 94.61% of the company’s stock.
LPI stock traded up $0.01 during midday trading on Friday, reaching $2.67. 4,229,720 shares of the company were exchanged, compared to its average volume of 4,812,926. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.13 and a quick ratio of 1.13. The business has a 50-day moving average price of $2.70 and a two-hundred day moving average price of $2.96. Laredo Petroleum Inc has a one year low of $2.26 and a one year high of $9.03. The firm has a market capitalization of $634.05 million, a price-to-earnings ratio of 2.87 and a beta of 1.59.Laredo Petroleum (NYSE:LPI) last released its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $0.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.05. Laredo Petroleum had a net margin of 40.05% and a return on equity of 15.59%. The firm had revenue of $216.60 million during the quarter, compared to analysts’ expectations of $213.24 million. During the same period in the previous year, the business posted $0.25 earnings per share. The company’s revenue for the quarter was down 38.3% compared to the same quarter last year. As a group, analysts anticipate that Laredo Petroleum Inc will post 0.75 earnings per share for the current fiscal year.
In other Laredo Petroleum news, major shareholder Warburg Pincus Llc sold 69,874 shares of Laredo Petroleum stock in a transaction on Monday, August 12th. The shares were sold at an average price of $2.76, for a total transaction of $192,852.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.00% of the company’s stock.
A number of equities analysts recently weighed in on the stock. Credit Suisse Group upgraded shares of Laredo Petroleum from an “underperform” rating to a “neutral” rating and set a $2.83 target price on the stock in a report on Tuesday, July 9th. They noted that the move was a valuation call. JPMorgan Chase & Co. upgraded shares of Laredo Petroleum from an “underweight” rating to a “neutral” rating in a report on Wednesday, July 31st. Capital One Financial upgraded shares of Laredo Petroleum from an “underweight” rating to an “equal weight” rating and set a $7.00 target price on the stock in a report on Thursday, May 23rd. Finally, Zacks Investment Research downgraded shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $4.80.
About Laredo Petroleum
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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