Laredo Petroleum (NYSE:LPI) PT Raised to $72.00

Laredo Petroleum (NYSE:LPIGet Rating) had its price objective hoisted by Piper Sandler from $71.00 to $72.00 in a research report released on Thursday, The Fly reports. Piper Sandler currently has a neutral rating on the oil and gas producer’s stock.

Other analysts also recently issued research reports about the stock. Raymond James decreased their price objective on shares of Laredo Petroleum from $95.00 to $75.00 and set an outperform rating for the company in a report on Monday, October 24th. StockNews.com assumed coverage on shares of Laredo Petroleum in a research report on Wednesday, October 12th. They issued a hold rating on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $98.00.

Laredo Petroleum Stock Performance

NYSE LPI opened at $63.07 on Thursday. Laredo Petroleum has a 52-week low of $51.22 and a 52-week high of $120.86. The company has a 50-day simple moving average of $66.19 and a 200 day simple moving average of $72.93. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.47 and a current ratio of 0.47. The company has a market capitalization of $1.06 billion, a PE ratio of 1.46 and a beta of 3.34.

Insider Activity

In other news, CEO M. Jason Pigott sold 3,750 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $66.85, for a total value of $250,687.50. Following the sale, the chief executive officer now owns 110,657 shares of the company’s stock, valued at $7,397,420.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 11,250 shares of company stock valued at $760,838 over the last quarter. Company insiders own 2.20% of the company’s stock.

Institutional Trading of Laredo Petroleum

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp grew its stake in Laredo Petroleum by 32.2% in the 1st quarter. State Street Corp now owns 2,085,000 shares of the oil and gas producer’s stock worth $165,007,000 after buying an additional 507,541 shares in the last quarter. Encompass Capital Advisors LLC purchased a new position in Laredo Petroleum in the 2nd quarter worth approximately $24,125,000. BlackRock Inc. grew its stake in Laredo Petroleum by 14.5% in the 3rd quarter. BlackRock Inc. now owns 2,726,912 shares of the oil and gas producer’s stock worth $171,386,000 after buying an additional 345,300 shares in the last quarter. Portolan Capital Management LLC grew its stake in Laredo Petroleum by 201.8% in the 1st quarter. Portolan Capital Management LLC now owns 213,150 shares of the oil and gas producer’s stock worth $16,869,000 after buying an additional 142,514 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Laredo Petroleum in the 3rd quarter valued at $7,556,000. 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.

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