State Board of Administration of Florida Retirement System Acquires New Holdings in Laredo Petroleum, Inc. (NYSE:LPI)

State Board of Administration of Florida Retirement System acquired a new stake in Laredo Petroleum, Inc. (NYSE:LPIGet Rating) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 4,853 shares of the oil and gas producer’s stock, valued at approximately $335,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in LPI. Truist Financial Corp bought a new position in Laredo Petroleum in the 1st quarter valued at approximately $465,000. Arizona State Retirement System raised its stake in shares of Laredo Petroleum by 6.7% during the first quarter. Arizona State Retirement System now owns 3,922 shares of the oil and gas producer’s stock valued at $310,000 after acquiring an additional 245 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Laredo Petroleum by 128.6% during the first quarter. Victory Capital Management Inc. now owns 11,590 shares of the oil and gas producer’s stock valued at $825,000 after acquiring an additional 6,521 shares during the last quarter. Hussman Strategic Advisors Inc. raised its stake in shares of Laredo Petroleum by 70.9% during the first quarter. Hussman Strategic Advisors Inc. now owns 61,200 shares of the oil and gas producer’s stock valued at $4,843,000 after acquiring an additional 25,400 shares during the last quarter. Finally, ClariVest Asset Management LLC bought a new position in shares of Laredo Petroleum during the first quarter valued at $506,000. Institutional investors own 77.39% of the company’s stock.

Laredo Petroleum Price Performance

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on LPI. Piper Sandler raised their price target on shares of Laredo Petroleum from $71.00 to $72.00 and gave the company a “neutral” rating in a research note on Thursday. Raymond James dropped their price target on shares of Laredo Petroleum from $95.00 to $75.00 and set an “outperform” rating for the company in a research note on Monday, October 24th. Finally, StockNews.com initiated coverage on shares of Laredo Petroleum in a research note on Wednesday, October 12th. They set a “hold” rating for the company. 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 currently has an average rating of “Hold” and an average price target of $98.00.

Insider Buying and Selling

In related news, CEO M. Jason Pigott sold 3,750 shares of Laredo Petroleum stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $66.16, for a total transaction of $248,100.00. Following the completion of the transaction, the chief executive officer now owns 106,907 shares of the company’s stock, valued at $7,072,967.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 11,250 shares of company stock valued at $760,838 over the last quarter. Insiders own 2.20% 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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Institutional Ownership by Quarter for Laredo Petroleum (NYSE:LPI)

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