Wells Fargo & Company MN decreased its stake in Laredo Petroleum Inc (NYSE:LPI) by 68.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 112,772 shares of the oil and gas producer’s stock after selling 246,418 shares during the period. Wells Fargo & Company MN’s holdings in Laredo Petroleum were worth $326,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale lifted its stake in shares of Laredo Petroleum by 330.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 52,882 shares of the oil and gas producer’s stock valued at $154,000 after purchasing an additional 40,603 shares during the period. Aperio Group LLC lifted its stake in shares of Laredo Petroleum by 53.1% in the second quarter. Aperio Group LLC now owns 270,113 shares of the oil and gas producer’s stock valued at $783,000 after purchasing an additional 93,693 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Laredo Petroleum in the second quarter valued at about $172,000. Marshall Wace LLP acquired a new stake in shares of Laredo Petroleum in the first quarter valued at about $1,746,000. Finally, Caymus Capital Partners L.P. acquired a new stake in shares of Laredo Petroleum in the second quarter valued at about $6,072,000. Hedge funds and other institutional investors own 94.52% of the company’s stock.
LPI has been the subject of several recent analyst reports. Credit Suisse Group upgraded shares of Laredo Petroleum from an “underperform” rating to a “neutral” rating and set a $2.83 price objective for the company in a research note on Tuesday, July 9th. They noted that the move was a valuation call. ValuEngine upgraded shares of Laredo Petroleum from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. upgraded shares of Laredo Petroleum from an “underweight” rating to a “neutral” rating in a research report on Wednesday, July 31st. Finally, Zacks Investment Research cut shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $4.80.
In other Laredo Petroleum news, major shareholder Warburg Pincus Llc sold 69,874 shares of Laredo Petroleum stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $2.76, for a total transaction of $192,852.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.00% of the company’s stock.
Shares of LPI opened at $2.08 on Wednesday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The stock has a market cap of $492.75 million, a P/E ratio of 2.24 and a beta of 1.59. The company has a 50-day moving average of $2.54 and a two-hundred day moving average of $2.87. Laredo Petroleum Inc has a 12-month low of $2.03 and a 12-month high of $7.42.
Laredo Petroleum (NYSE:LPI) last announced its earnings results on Wednesday, July 31st. The oil and gas producer reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. The company had revenue of $216.60 million during the quarter, compared to analysts’ expectations of $213.24 million. Laredo Petroleum had a net margin of 40.05% and a return on equity of 15.59%. The firm’s quarterly revenue was down 38.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 earnings per share. As a group, analysts forecast that Laredo Petroleum Inc will post 0.75 EPS for the current fiscal year.
Laredo Petroleum Profile
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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