Laredo Petroleum, Inc. (NYSE:LPI)’s share price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $12.72, but opened at $12.36. Laredo Petroleum shares last traded at $12.18, with a volume of 4,661,647 shares traded.

The oil and gas producer reported $0.10 EPS for the quarter, missing the consensus estimate of $0.11 by $0.01. Laredo Petroleum had a net margin of 16.73% and a return on equity of 56.13%. The firm had revenue of $187 million during the quarter, compared to analyst estimates of $173.32 million. During the same period in the previous year, the company posted $0.13 EPS. Laredo Petroleum’s revenue for the quarter was up 27.5% compared to the same quarter last year.

Several research firms have recently commented on LPI. Scotiabank reaffirmed a “hold” rating and issued a $15.00 target price on shares of Laredo Petroleum in a research report on Friday, May 5th. Seaport Global Securities downgraded Laredo Petroleum from a “buy” rating to a “neutral” rating and decreased their target price for the company from $19.00 to $9.00 in a research report on Wednesday, June 21st. BidaskClub raised Laredo Petroleum from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Bank of America Corporation upped their target price on Laredo Petroleum from $11.00 to $13.00 and gave the company an “underperform” rating in a research report on Tuesday. Finally, J P Morgan Chase & Co decreased their target price on Laredo Petroleum from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 31st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $14.63.

A number of large investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Laredo Petroleum by 2,500.3% in the first quarter. BlackRock Inc. now owns 7,598,973 shares of the oil and gas producer’s stock valued at $110,946,000 after buying an additional 7,306,738 shares during the last quarter. Vanguard Group Inc. boosted its stake in Laredo Petroleum by 20.9% in the first quarter. Vanguard Group Inc. now owns 14,906,724 shares of the oil and gas producer’s stock valued at $217,638,000 after buying an additional 2,578,127 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in Laredo Petroleum by 150.2% in the first quarter. Point72 Asset Management L.P. now owns 3,748,400 shares of the oil and gas producer’s stock valued at $54,727,000 after buying an additional 2,250,300 shares during the last quarter. Impala Asset Management LLC boosted its stake in Laredo Petroleum by 144.6% in the first quarter. Impala Asset Management LLC now owns 2,955,195 shares of the oil and gas producer’s stock valued at $43,146,000 after buying an additional 1,746,915 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Laredo Petroleum by 153.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,368,993 shares of the oil and gas producer’s stock valued at $34,586,000 after buying an additional 1,434,079 shares during the last quarter.

The firm’s market capitalization is $2.93 billion. The firm has a 50 day moving average of $11.28 and a 200-day moving average of $12.78.

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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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