Vanguard Group Inc. Purchases 1,176,608 Shares of Laredo Petroleum, Inc. (LPI)
Vanguard Group Inc. raised its position in shares of Laredo Petroleum, Inc. (NYSE:LPI) by 7.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,083,332 shares of the oil and gas producer’s stock after buying an additional 1,176,608 shares during the quarter. Vanguard Group Inc. owned about 6.63% of Laredo Petroleum worth $169,197,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. lifted its position in Laredo Petroleum by 282.5% during the first quarter. Meeder Asset Management Inc. now owns 8,093 shares of the oil and gas producer’s stock valued at $118,000 after buying an additional 5,977 shares during the period. Evanson Asset Management LLC purchased a new position in Laredo Petroleum during the second quarter valued at $108,000. Teacher Retirement System of Texas lifted its position in Laredo Petroleum by 13.0% during the first quarter. Teacher Retirement System of Texas now owns 12,416 shares of the oil and gas producer’s stock valued at $181,000 after buying an additional 1,429 shares during the period. Menta Capital LLC purchased a new position in Laredo Petroleum during the first quarter valued at $197,000. Finally, Nomura Holdings Inc. purchased a new position in Laredo Petroleum during the first quarter valued at $210,000.
Shares of Laredo Petroleum, Inc. (NYSE:LPI) opened at 12.20 on Thursday. Laredo Petroleum, Inc. has a 1-year low of $9.57 and a 1-year high of $16.47. The firm’s 50 day moving average price is $12.55 and its 200-day moving average price is $12.25. The company has a market capitalization of $2.92 billion, a P/E ratio of 24.65 and a beta of 1.45.
Laredo Petroleum (NYSE:LPI) last released its quarterly earnings results on Monday, August 7th. The oil and gas producer reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.01). The business had revenue of $187.00 million during the quarter, compared to analysts’ expectations of $173.32 million. Laredo Petroleum had a net margin of 16.73% and a return on equity of 49.15%. The company’s quarterly revenue was up 27.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.13 earnings per share. Analysts expect that Laredo Petroleum, Inc. will post $0.63 EPS for the current year.
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Several brokerages have commented on LPI. Williams Capital raised their price objective on Laredo Petroleum from $13.00 to $14.00 and gave the company a “hold” rating in a research report on Wednesday. Zacks Investment Research raised Laredo Petroleum from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a research report on Tuesday. Scotiabank set a $13.00 price objective on Laredo Petroleum and gave the company a “hold” rating in a research report on Saturday, July 1st. Bank of America Corporation raised their price objective on Laredo Petroleum from $11.00 to $13.00 and gave the company an “underperform” rating in a research report on Tuesday, August 8th. Finally, BMO Capital Markets set a $14.00 price objective on Laredo Petroleum and gave the company a “hold” rating in a research report on Tuesday, October 10th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the stock. Laredo Petroleum has a consensus rating of “Hold” and a consensus price target of $14.64.
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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