Arizona State Retirement System Boosts Holdings in Laredo Petroleum, Inc. (NYSE:LPI)

Arizona State Retirement System grew its position in Laredo Petroleum, Inc. (NYSE:LPIGet Rating) by 6.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,922 shares of the oil and gas producer’s stock after buying an additional 245 shares during the period. Arizona State Retirement System’s holdings in Laredo Petroleum were worth $310,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in LPI. State Street Corp boosted its position in shares of Laredo Petroleum by 10.1% during the 4th quarter. State Street Corp now owns 1,577,459 shares of the oil and gas producer’s stock worth $94,853,000 after purchasing an additional 144,462 shares during the period. Invesco Ltd. boosted its position in shares of Laredo Petroleum by 6.8% during the 4th quarter. Invesco Ltd. now owns 191,176 shares of the oil and gas producer’s stock worth $11,495,000 after purchasing an additional 12,110 shares during the period. Rafferty Asset Management LLC boosted its position in shares of Laredo Petroleum by 80.5% during the 4th quarter. Rafferty Asset Management LLC now owns 152,476 shares of the oil and gas producer’s stock worth $9,168,000 after purchasing an additional 67,992 shares during the period. Northern Trust Corp boosted its position in shares of Laredo Petroleum by 7.8% during the 4th quarter. Northern Trust Corp now owns 141,396 shares of the oil and gas producer’s stock worth $8,502,000 after purchasing an additional 10,247 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Laredo Petroleum by 135.8% during the 4th quarter. JPMorgan Chase & Co. now owns 112,533 shares of the oil and gas producer’s stock worth $6,767,000 after purchasing an additional 64,814 shares during the period. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on LPI. Piper Sandler increased their target price on shares of Laredo Petroleum from $117.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, July 22nd. Wells Fargo & Company increased their target price on shares of Laredo Petroleum from $113.00 to $125.00 and gave the stock an “underweight” rating in a report on Monday, July 11th. Finally, Raymond James reduced their target price on shares of Laredo Petroleum from $120.00 to $85.00 in a report on Tuesday, May 24th. 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 company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $112.50.

Laredo Petroleum Price Performance

Laredo Petroleum stock opened at $66.46 on Friday. The stock has a market cap of $1.15 billion, a P/E ratio of 11.56 and a beta of 3.53. The company has a fifty day simple moving average of $82.90 and a 200-day simple moving average of $76.32. Laredo Petroleum, Inc. has a 12-month low of $36.25 and a 12-month high of $120.86. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 3.36.

Laredo Petroleum (NYSE:LPIGet Rating) last released its quarterly earnings data on Wednesday, May 4th. The oil and gas producer reported $5.17 EPS for the quarter, missing analysts’ consensus estimates of $6.51 by ($1.34). Laredo Petroleum had a net margin of 7.97% and a return on equity of 78.66%. The business had revenue of $532.40 million during the quarter, compared to analysts’ expectations of $497.95 million. During the same quarter in the previous year, the company posted $1.71 EPS. The company’s revenue was up 112.8% compared to the same quarter last year. Equities analysts expect that Laredo Petroleum, Inc. will post 29.49 EPS for the current fiscal year.

Insider Activity

In other news, SVP Mark David Denny sold 2,707 shares of the stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $88.95, for a total value of $240,787.65. Following the transaction, the senior vice president now owns 18,452 shares in the company, valued at approximately $1,641,305.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, SVP Mark David Denny sold 2,707 shares of the stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $88.95, for a total value of $240,787.65. Following the transaction, the senior vice president now owns 18,452 shares in the company, valued at approximately $1,641,305.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Bryan Lemmerman sold 10,522 shares of the stock in a transaction dated Tuesday, July 5th. The shares were 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 approximately $3,840,340.92. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.

Laredo Petroleum Company Profile

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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.

See Also

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:LPIGet Rating).

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

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