Engineers Gate Manager LP increased its position in shares of Laredo Petroleum Inc (NYSE:LPI) by 282.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,413 shares of the oil and gas producer’s stock after buying an additional 42,413 shares during the period. Engineers Gate Manager LP’s holdings in Laredo Petroleum were worth $838,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the stock. Glen Harbor Capital Management LLC bought a new stake in Laredo Petroleum during the first quarter worth $122,000. Alambic Investment Management L.P. bought a new stake in Laredo Petroleum during the third quarter worth $141,000. James Investment Research Inc. bought a new stake in Laredo Petroleum during the first quarter worth $149,000. TradeLink Capital LLC bought a new stake in Laredo Petroleum during the third quarter worth $156,000. Finally, Tyers Asset Management LLC bought a new stake in Laredo Petroleum during the first quarter worth $167,000.
Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings results on Wednesday, May 3rd. The oil and gas producer reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.11 by $0.01. Laredo Petroleum had a positive return on equity of 123.07% and a negative net margin of 225.04%. The business had revenue of $189 million during the quarter, compared to analysts’ expectations of $164.39 million. During the same period in the previous year, the business earned $0.08 EPS. The business’s revenue was up 77.3% compared to the same quarter last year.
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LPI has been the topic of several recent research reports. KLR Group lifted their target price on shares of Laredo Petroleum from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, February 16th. Zacks Investment Research upgraded shares of Laredo Petroleum from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Thursday, January 26th. SunTrust Banks, Inc. upgraded shares of Laredo Petroleum from a “hold” rating to a “buy” rating in a research report on Friday, January 20th. Seaport Global Securities upgraded shares of Laredo Petroleum from a “neutral” rating to a “buy” rating in a research report on Friday, March 31st. Finally, Stifel Nicolaus initiated coverage on shares of Laredo Petroleum in a research report on Wednesday, April 12th. They set a “buy” rating and a $18.00 target price on the stock. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have issued a buy rating to the company’s stock. Laredo Petroleum presently has an average rating of “Buy” and a consensus price target of $14.90.
In other Laredo Petroleum news, Director Peter Kagan sold 163,207 shares of the stock in a transaction on Friday, March 31st. The stock was sold at an average price of $14.34, for a total value of $2,340,388.38. Following the completion of the transaction, the director now owns 68,006 shares in the company, valued at $975,206.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Patrick J. Curth sold 43,830 shares of the stock in a transaction on Friday, March 31st. The stock was sold at an average price of $14.41, for a total value of $631,590.30. Following the completion of the transaction, the vice president now owns 232,386 shares of the company’s stock, valued at approximately $3,348,682.26. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Laredo Petroleum Company 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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