Laredo Petroleum Inc (NYSE:LPI) gapped down prior to trading on Wednesday . The stock had previously closed at $8.80, but opened at $8.54. Laredo Petroleum shares last traded at $8.47, with a volume of 2135866 shares changing hands.
LPI has been the subject of several recent research reports. Credit Suisse Group initiated coverage on Laredo Petroleum in a report on Monday, December 11th. They issued a “neutral” rating and a $12.00 price target for the company. Stifel Nicolaus set a $15.00 price target on Laredo Petroleum and gave the company a “buy” rating in a report on Monday, January 29th. Williams Capital reiterated a “hold” rating and issued a $13.00 price objective on shares of Laredo Petroleum in a research report on Thursday, January 25th. JPMorgan Chase lowered Laredo Petroleum from a “neutral” rating to an “underweight” rating and set a $13.00 price objective for the company. in a research report on Friday, December 15th. Finally, Stephens reiterated a “hold” rating and issued a $10.00 price objective on shares of Laredo Petroleum in a research report on Thursday, March 15th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $12.56.
The stock has a market capitalization of $2,054.27, a P/E ratio of 16.29, a price-to-earnings-growth ratio of 1.67 and a beta of 1.22. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.85 and a quick ratio of 0.85.
Laredo Petroleum declared that its board has approved a stock repurchase program on Wednesday, February 14th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the oil and gas producer to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Several institutional investors and hedge funds have recently added to or reduced their stakes in LPI. SailingStone Capital Partners LLC raised its stake in shares of Laredo Petroleum by 3.3% in the fourth quarter. SailingStone Capital Partners LLC now owns 39,629,061 shares of the oil and gas producer’s stock valued at $420,464,000 after acquiring an additional 1,251,905 shares in the last quarter. BlackRock Inc. raised its stake in shares of Laredo Petroleum by 3.3% in the fourth quarter. BlackRock Inc. now owns 6,832,585 shares of the oil and gas producer’s stock valued at $72,492,000 after acquiring an additional 220,428 shares in the last quarter. WS Management Lllp raised its stake in shares of Laredo Petroleum by 1.5% in the fourth quarter. WS Management Lllp now owns 6,020,885 shares of the oil and gas producer’s stock valued at $63,882,000 after acquiring an additional 86,185 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Laredo Petroleum by 7.6% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 4,182,575 shares of the oil and gas producer’s stock valued at $44,377,000 after acquiring an additional 296,475 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Laredo Petroleum by 20.3% in the third quarter. Dimensional Fund Advisors LP now owns 3,524,237 shares of the oil and gas producer’s stock valued at $45,569,000 after acquiring an additional 595,303 shares in the last quarter.
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About Laredo Petroleum
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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