JPMorgan Chase & Co. raised its stake in Laredo Petroleum, Inc. (NYSE:LPI) by 28.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 376,349 shares of the oil and gas producer’s stock after acquiring an additional 82,340 shares during the period. JPMorgan Chase & Co. owned about 0.16% of Laredo Petroleum worth $3,960,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the business. Swiss National Bank grew its position in Laredo Petroleum by 2.5% in the second quarter. Swiss National Bank now owns 264,500 shares of the oil and gas producer’s stock valued at $2,783,000 after acquiring an additional 6,500 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Laredo Petroleum by 28.2% during the second quarter. Principal Financial Group Inc. now owns 31,619 shares of the oil and gas producer’s stock worth $333,000 after purchasing an additional 6,946 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Laredo Petroleum by 12.0% during the second quarter. Pacer Advisors Inc. now owns 17,163 shares of the oil and gas producer’s stock worth $181,000 after purchasing an additional 1,838 shares during the last quarter. Utah Retirement Systems lifted its stake in shares of Laredo Petroleum by 13.0% during the second quarter. Utah Retirement Systems now owns 29,566 shares of the oil and gas producer’s stock valued at $311,000 after acquiring an additional 3,400 shares during the period. Finally, Airain ltd lifted its stake in shares of Laredo Petroleum by 251.5% during the second quarter. Airain ltd now owns 69,219 shares of the oil and gas producer’s stock valued at $728,000 after acquiring an additional 49,525 shares during the period.
Several equities analysts have recently issued reports on LPI shares. Bank of America Corporation assumed coverage on Laredo Petroleum in a research note on Wednesday, July 19th. They set an “underperform” rating and a $11.00 price target on the stock. Seaport Global Securities lowered Laredo Petroleum from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $19.00 to $9.00 in a research report on Wednesday, June 21st. Cowen and Company set a $12.00 price objective on Laredo Petroleum and gave the stock a “hold” rating in a report on Tuesday, July 18th. BidaskClub upgraded Laredo Petroleum from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. Finally, Piper Jaffray Companies decreased their price target on Laredo Petroleum from $17.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, September 18th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $14.64.
Shares of Laredo Petroleum, Inc. (LPI) opened at 12.41 on Wednesday. The stock has a market capitalization of $2.97 billion, a P/E ratio of 25.07 and a beta of 1.45. The stock has a 50 day moving average price of $12.52 and a 200 day moving average price of $12.27. Laredo Petroleum, Inc. has a 52 week low of $9.57 and a 52 week high of $16.47.
Laredo Petroleum (NYSE:LPI) last released its quarterly earnings data on Monday, August 7th. The oil and gas producer reported $0.10 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.01). Laredo Petroleum had a net margin of 16.73% and a return on equity of 49.15%. The business had revenue of $187.00 million for the quarter, compared to the consensus estimate of $173.32 million. During the same quarter in the prior year, the business posted $0.13 earnings per share. Laredo Petroleum’s revenue for the quarter was up 27.5% on a year-over-year basis. On average, equities research analysts expect that Laredo Petroleum, Inc. will post $0.63 EPS for the current year.
Laredo Petroleum Profile
Laredo Petroleum, Inc (Laredo) is an independent energy company. The Company is focused on the acquisition, exploration and development of oil and natural gas properties, and the transportation of oil and natural gas from such properties primarily in the Permian Basin in West Texas. It operates through two segments: Exploration and production of oil and natural gas properties, and Midstream and marketing.
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