Brokerages Set Laredo Petroleum, Inc. (NYSE:LPI) PT at $106.50

Laredo Petroleum, Inc. (NYSE:LPI – Get Rating) has been given a consensus recommendation of “Hold” by the eight research firms that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $112.00.

LPI has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price objective on shares of Laredo Petroleum from $72.00 to $113.00 and gave the company an “underweight” rating in a research report on Monday, March 14th. StockNews.com assumed coverage on shares of Laredo Petroleum in a report on Thursday, March 31st. They issued a “hold” rating for the company. TheStreet upgraded shares of Laredo Petroleum from a “d” rating to a “c” rating in a report on Tuesday, February 22nd. Piper Sandler upgraded shares of Laredo Petroleum from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $93.00 to $115.00 in a report on Thursday, April 7th. Finally, Raymond James boosted their target price on shares of Laredo Petroleum from $85.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, March 23rd.

Laredo Petroleum stock traded down $2.56 during midday trading on Thursday, hitting $80.59. 685,030 shares of the company’s stock were exchanged, compared to its average volume of 852,905. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 18.28 and a beta of 3.86. The firm’s 50 day simple moving average is $74.81 and its 200 day simple moving average is $72.54. The company has a debt-to-equity ratio of 2.78, a quick ratio of 0.45 and a current ratio of 0.45. Laredo Petroleum has a 12-month low of $32.52 and a 12-month high of $99.26.

Laredo Petroleum (NYSE:LPI – Get Rating) last issued its earnings results on Tuesday, February 22nd. The oil and gas producer reported $3.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.32 by $0.07. The business had revenue of $470.22 million for the quarter, compared to the consensus estimate of $438.95 million. Laredo Petroleum had a net margin of 10.40% and a return on equity of 101.15%. The business’s quarterly revenue was up 150.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.23 earnings per share. On average, equities research analysts forecast that Laredo Petroleum will post 31.3 EPS for the current fiscal year.

In other Laredo Petroleum news, CEO M. Jason Pigott sold 5,531 shares of the company’s stock in a transaction dated Thursday, March 24th. The shares were sold at an average price of $75.00, for a total transaction of $414,825.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Mark David Denny sold 2,626 shares of the company’s stock in a transaction dated Friday, April 1st. The shares were sold at an average price of $78.92, for a total transaction of $207,243.92. The disclosure for this sale can be found here. Insiders sold a total of 34,867 shares of company stock valued at $2,689,516 in the last quarter. 3.30% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its stake in Laredo Petroleum by 9.3% during the fourth quarter. BlackRock Inc. now owns 2,161,866 shares of the oil and gas producer’s stock valued at $129,991,000 after buying an additional 183,927 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Laredo Petroleum by 45.6% in the fourth quarter. Wells Fargo & Company MN now owns 32,224 shares of the oil and gas producer’s stock worth $1,938,000 after purchasing an additional 10,087 shares in the last quarter. Virtu Financial LLC lifted its position in shares of Laredo Petroleum by 75.0% in the fourth quarter. Virtu Financial LLC now owns 12,239 shares of the oil and gas producer’s stock worth $736,000 after purchasing an additional 5,247 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of Laredo Petroleum by 169.8% in the fourth quarter. California State Teachers Retirement System now owns 18,331 shares of the oil and gas producer’s stock worth $1,102,000 after purchasing an additional 11,537 shares in the last quarter. Finally, Parametric Portfolio Associates LLC lifted its position in shares of Laredo Petroleum by 15.7% in the fourth quarter. Parametric Portfolio Associates LLC now owns 28,342 shares of the oil and gas producer’s stock worth $1,704,000 after purchasing an additional 3,836 shares in the last quarter. 79.22% of the stock is owned by institutional investors.

Laredo Petroleum Company Profile (Get Rating)

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 sells oil, natural gas liquids, and natural gas. As of December 31, 2021, it had assembled 166,064 net acres in the Permian Basin; and had total proved undeveloped reserves of 86,592 thousand barrels of oil equivalent.

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