Virginia Retirement Systems ET AL bought a new stake in shares of Laredo Petroleum Inc. (NYSE:LPI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 25,700 shares of the company’s stock, valued at approximately $269,000.
Several other hedge funds have also recently modified their holdings of the stock. Bank of Montreal Can bought a new position in Laredo Petroleum during the second quarter worth about $10,296,000. Vanguard Group Inc. increased its position in Laredo Petroleum by 11.1% in the second quarter. Vanguard Group Inc. now owns 9,749,517 shares of the company’s stock worth $102,175,000 after buying an additional 973,487 shares during the period. Goldman Sachs Group Inc. increased its position in Laredo Petroleum by 138.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,021,440 shares of the company’s stock worth $8,100,000 after buying an additional 592,333 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in Laredo Petroleum during the first quarter worth about $4,630,000. Finally, Rothschild Asset Management Inc. bought a new position in Laredo Petroleum during the second quarter worth about $5,429,000. Institutional investors own 98.78% of the company’s stock.
Laredo Petroleum Inc. (NYSE:LPI) opened at 13.58 on Tuesday. The stock’s 50 day moving average is $12.41 and its 200-day moving average is $11.21. The stock’s market capitalization is $3.03 billion. Laredo Petroleum Inc. has a 52-week low of $3.90 and a 52-week high of $13.93.
Laredo Petroleum (NYSE:LPI) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by $0.43. Laredo Petroleum had a positive return on equity of 24.95% and a negative net margin of 391.74%. The company earned $146.77 million during the quarter, compared to analysts’ expectations of $138.30 million. During the same quarter in the prior year, the business posted $0.05 EPS. The company’s revenue for the quarter was down 19.5% compared to the same quarter last year. Equities research analysts anticipate that Laredo Petroleum Inc. will post $0.47 EPS for the current fiscal year.
A number of equities analysts have issued reports on LPI shares. Iberia Capital upgraded Laredo Petroleum from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $8.00 to $14.00 in a research note on Tuesday, June 14th. BMO Capital Markets reiterated a “hold” rating and set a $12.00 price target on shares of Laredo Petroleum in a research note on Wednesday, June 15th. Deutsche Bank AG reiterated a “hold” rating and set a $9.00 price target on shares of Laredo Petroleum in a research note on Thursday, June 16th. Zacks Investment Research upgraded Laredo Petroleum from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research note on Friday, June 17th. Finally, Barclays PLC started coverage on Laredo Petroleum in a research note on Tuesday, June 21st. They set an “overweight” rating and a $14.00 price target for the company. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company. Laredo Petroleum has a consensus rating of “Hold” and a consensus price target of $12.79.
In related news, VP Patrick J. Curth sold 17,000 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $12.57, for a total value of $213,690.00. Following the sale, the vice president now owns 172,926 shares in the company, valued at $2,173,679.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.50% of the stock is currently owned by corporate insiders.
About Laredo Petroleum
Laredo Petroleum, Inc (Laredo) is an independent energy company 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. The Company’s segments include Exploration and production, and Midstream and marketing.
Want to see what other hedge funds are holding LPI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Laredo Petroleum Inc. (NYSE:LPI).
Receive News & Ratings for Laredo Petroleum Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Laredo Petroleum Inc. and related companies with MarketBeat.com's FREE daily email newsletter.