Rafferty Asset Management LLC Increases Stock Position in Laredo Petroleum, Inc. (NYSE:LPI)

Rafferty Asset Management LLC grew its holdings in Laredo Petroleum, Inc. (NYSE:LPI) by 78.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,484 shares of the oil and gas producer’s stock after purchasing an additional 37,220 shares during the period. Rafferty Asset Management LLC’s holdings in Laredo Petroleum were worth $6,849,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Parametric Portfolio Associates LLC increased its position in shares of Laredo Petroleum by 13.1% in the second quarter. Parametric Portfolio Associates LLC now owns 19,547 shares of the oil and gas producer’s stock valued at $1,814,000 after acquiring an additional 2,259 shares during the period. L & S Advisors Inc purchased a new stake in shares of Laredo Petroleum in the 2nd quarter worth $2,537,000. Metropolitan Life Insurance Co NY purchased a new stake in shares of Laredo Petroleum in the second quarter worth $326,000. New York State Teachers Retirement System boosted its holdings in shares of Laredo Petroleum by 7.8% during the 3rd quarter. New York State Teachers Retirement System now owns 12,390 shares of the oil and gas producer’s stock valued at $1,004,000 after purchasing an additional 900 shares during the last quarter. Finally, Balyasny Asset Management LLC purchased a new position in Laredo Petroleum in the second quarter worth about $5,716,000. Institutional investors and hedge funds own 74.37% of the company’s stock.

Several equities analysts have recently commented on the company. Zacks Investment Research lowered Laredo Petroleum from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 22nd. Piper Sandler lifted their target price on shares of Laredo Petroleum from $49.00 to $81.00 and gave the company a “neutral” rating in a research report on Thursday, October 21st. Wells Fargo & Company upped their price objective on shares of Laredo Petroleum from $68.00 to $69.00 and gave the company an “underweight” rating in a report on Wednesday, October 13th. Finally, Raymond James lowered their price objective on shares of Laredo Petroleum from $105.00 to $85.00 and set an “outperform” rating for the company in a research note on Monday, December 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $68.60.

Shares of NYSE:LPI opened at $75.12 on Friday. The firm has a fifty day moving average price of $65.94 and a 200 day moving average price of $66.69. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 6.02. Laredo Petroleum, Inc. has a 1 year low of $22.62 and a 1 year high of $99.26.

Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings results on Tuesday, November 2nd. The oil and gas producer reported $1.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.90 by ($1.06). Laredo Petroleum had a negative net margin of 21.33% and a negative return on equity of 2,190.66%. The company had revenue of $379.25 million during the quarter, compared to analyst estimates of $261.71 million. During the same period last year, the company earned $4.02 EPS. As a group, research analysts anticipate that Laredo Petroleum, Inc. will post 8.74 earnings per share for the current year.

In related news, CEO M. Jason Pigott sold 13,400 shares of the stock in a transaction that occurred on Tuesday, November 9th. The stock was sold at an average price of $72.60, for a total transaction of $972,840.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Encap Energy Capital Fund Ix, sold 500,000 shares of the company’s stock in a transaction dated Thursday, January 6th. The stock was sold at an average price of $73.00, for a total transaction of $36,500,000.00. The disclosure for this sale can be found here. Company insiders own 3.30% of the company’s stock.

Laredo Petroleum Profile

Laredo Petroleum, Inc engages in the exploration, development and acquisition of oil and natural gas properties. It operates in the Permian Basin in West Texas. The company was founded by Randy A. Foutch in October 2006 and is headquartered in Tulsa, OK.

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Institutional Ownership by Quarter for Laredo Petroleum (NYSE:LPI)

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