Laredo Petroleum (LPI) Hits New 1-Year Low at $4.33

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Laredo Petroleum Inc (NYSE:LPI) hit a new 52-week low on Thursday . The stock traded as low as $4.33 and last traded at $4.33, with a volume of 250290 shares traded. The stock had previously closed at $4.75.

LPI has been the subject of several research reports. Williams Capital reiterated a “hold” rating and issued a $10.00 target price on shares of Laredo Petroleum in a report on Tuesday, August 21st. Zacks Investment Research upgraded Laredo Petroleum from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a report on Friday, October 26th. Finally, MKM Partners initiated coverage on Laredo Petroleum in a report on Wednesday. They issued a “buy” rating and a $9.00 target price for the company. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $11.23.

The stock has a market capitalization of $1.04 billion, a P/E ratio of 7.60, a price-to-earnings-growth ratio of 0.87 and a beta of 1.62. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.95.

Laredo Petroleum (NYSE:LPI) last released its quarterly earnings results on Monday, November 5th. The oil and gas producer reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.03). The company had revenue of $279.70 million during the quarter, compared to the consensus estimate of $276.95 million. Laredo Petroleum had a return on equity of 24.30% and a net margin of 51.61%. The company’s revenue was up 35.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.13 earnings per share. As a group, equities analysts anticipate that Laredo Petroleum Inc will post 1.02 EPS for the current year.

In related news, Director Peter Kagan sold 12,300,000 shares of the company’s stock in a transaction dated Thursday, September 27th. The stock was sold at an average price of $8.08, for a total transaction of $99,384,000.00. Following the transaction, the director now directly owns 115,107 shares of the company’s stock, valued at approximately $930,064.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Pincus Private Equity Warburg sold 14,200,000 shares of the company’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $7.42, for a total value of $105,364,000.00. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Macquarie Group Ltd. increased its position in Laredo Petroleum by 8.3% during the 2nd quarter. Macquarie Group Ltd. now owns 107,200 shares of the oil and gas producer’s stock valued at $1,031,000 after buying an additional 8,200 shares in the last quarter. SG Americas Securities LLC increased its position in Laredo Petroleum by 6.9% during the 2nd quarter. SG Americas Securities LLC now owns 137,270 shares of the oil and gas producer’s stock valued at $1,321,000 after buying an additional 8,918 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in Laredo Petroleum by 354.8% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 12,279 shares of the oil and gas producer’s stock valued at $102,000 after buying an additional 9,579 shares in the last quarter. First Trust Advisors LP increased its position in Laredo Petroleum by 3.4% during the 3rd quarter. First Trust Advisors LP now owns 307,051 shares of the oil and gas producer’s stock valued at $2,509,000 after buying an additional 10,177 shares in the last quarter. Finally, Martingale Asset Management L P acquired a new position in Laredo Petroleum during the 2nd quarter valued at about $100,000.

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About Laredo Petroleum (NYSE:LPI)

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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