Laredo Petroleum, Inc. (NYSE:LPI – Get Rating) – Research analysts at Seaport Res Ptn reduced their Q3 2022 earnings per share estimates for shares of Laredo Petroleum in a report released on Wednesday, September 21st. Seaport Res Ptn analyst N. Pope now anticipates that the oil and gas producer will post earnings per share of $8.05 for the quarter, down from their prior forecast of $8.14. The consensus estimate for Laredo Petroleum's current full-year earnings is $25.81 per share.
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A number of other research firms also recently issued reports on LPI. Wells Fargo & Company raised their price target on Laredo Petroleum from $113.00 to $125.00 and gave the stock an "underweight" rating in a research note on Monday, July 11th. Raymond James lowered their target price on Laredo Petroleum from $110.00 to $95.00 and set an "outperform" rating on the stock in a research report on Thursday, August 18th. Finally, Piper Sandler lifted their target price on Laredo Petroleum from $117.00 to $120.00 and gave the company an "overweight" rating in a research report on Friday, July 22nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $115.00.
Laredo Petroleum Stock Performance
LPI stock opened at $56.30 on Friday. The company has a market cap of $974.16 million, a P/E ratio of 1.78 and a beta of 3.52. Laredo Petroleum has a 1 year low of $51.22 and a 1 year high of $120.86. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.47 and a quick ratio of 0.47. The stock's fifty day moving average price is $73.33 and its 200-day moving average price is $76.19.
Insider Transactions at Laredo Petroleum
In other news, CFO Bryan Lemmerman sold 10,522 shares of Laredo Petroleum stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $62.84, for a total value of $661,202.48. Following the sale, the chief financial officer now directly owns 61,113 shares of the company's stock, valued at $3,840,340.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Bryan Lemmerman sold 10,522 shares of Laredo Petroleum stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $62.84, for a total value of $661,202.48. Following the completion of the transaction, the chief financial officer now owns 61,113 shares in the company, valued at $3,840,340.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jessica R. Wren sold 1,009 shares of Laredo Petroleum stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $72.02, for a total value of $72,668.18. Following the completion of the transaction, the insider now owns 3,145 shares of the company's stock, valued at approximately $226,502.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,281 shares of company stock valued at $995,921. 2.20% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of LPI. Denali Advisors LLC purchased a new stake in shares of Laredo Petroleum in the second quarter valued at approximately $28,000. Platinum Investment Management Ltd. purchased a new stake in shares of Laredo Petroleum in the first quarter valued at approximately $41,000. Nisa Investment Advisors LLC boosted its holdings in shares of Laredo Petroleum by 57.5% in the second quarter. Nisa Investment Advisors LLC now owns 630 shares of the oil and gas producer's stock valued at $43,000 after purchasing an additional 230 shares during the period. Meeder Asset Management Inc. bought a new position in Laredo Petroleum in the first quarter worth approximately $69,000. Finally, Newbridge Financial Services Group Inc. raised its stake in Laredo Petroleum by 800.0% in the first quarter. Newbridge Financial Services Group Inc. now owns 1,125 shares of the oil and gas producer's stock worth $89,000 after buying an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 77.39% of the company's stock.
About Laredo Petroleum
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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.
Further Reading
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