Insider Selling: Laredo Petroleum Inc (LPI) Major Shareholder Sells 14,200,000 Shares of Stock

Laredo Petroleum Inc (NYSE:LPI) major shareholder Pincus Private Equity Warburg sold 14,200,000 shares of the firm’s stock in a transaction on Tuesday, September 11th. The stock was sold at an average price of $7.42, for a total value of $105,364,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Shares of NYSE LPI traded up $0.73 during trading on Wednesday, reaching $8.46. 15,855,400 shares of the company traded hands, compared to its average volume of 3,821,819. The firm has a market capitalization of $1.83 billion, a P/E ratio of 13.90, a PEG ratio of 1.40 and a beta of 1.27. Laredo Petroleum Inc has a 12-month low of $7.41 and a 12-month high of $13.40. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.60 and a current ratio of 0.60.

Laredo Petroleum (NYSE:LPI) last released its quarterly earnings data on Wednesday, August 1st. The oil and gas producer reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.04). The company had revenue of $351.05 million for the quarter, compared to analysts’ expectations of $225.75 million. Laredo Petroleum had a net margin of 51.05% and a return on equity of 25.80%. The business’s quarterly revenue was up 87.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.10 EPS. analysts forecast that Laredo Petroleum Inc will post 1.11 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in LPI. BlackRock Inc. increased its stake in shares of Laredo Petroleum by 60.3% in the 2nd quarter. BlackRock Inc. now owns 10,509,841 shares of the oil and gas producer’s stock valued at $101,104,000 after purchasing an additional 3,954,104 shares in the last quarter. LSV Asset Management increased its stake in shares of Laredo Petroleum by 267.0% in the 2nd quarter. LSV Asset Management now owns 3,452,709 shares of the oil and gas producer’s stock valued at $33,215,000 after purchasing an additional 2,512,009 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Laredo Petroleum by 52.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,234,971 shares of the oil and gas producer’s stock valued at $69,599,000 after purchasing an additional 2,487,113 shares in the last quarter. Thompson Siegel & Walmsley LLC purchased a new position in shares of Laredo Petroleum in the 2nd quarter valued at about $17,730,000. Finally, Schroder Investment Management Group increased its stake in shares of Laredo Petroleum by 222.0% in the 2nd quarter. Schroder Investment Management Group now owns 2,060,930 shares of the oil and gas producer’s stock valued at $19,352,000 after purchasing an additional 1,420,930 shares in the last quarter.

A number of equities analysts have weighed in on the company. Bank of America reduced their price objective on Laredo Petroleum from $12.00 to $11.00 and set an “underperform” rating for the company in a research note on Thursday, August 2nd. Piper Jaffray Companies set a $14.00 price objective on Laredo Petroleum and gave the company a “buy” rating in a research note on Sunday, August 5th. Finally, Williams Capital reiterated a “hold” rating and set a $10.00 price objective on shares of Laredo Petroleum in a research note on Tuesday, August 21st. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $12.22.

Laredo Petroleum Company Profile

Laredo Petroleum, Inc operates as an independent energy company in the United States. It operates through two segments, Exploration and Production; and Midstream and Marketing. The company engages in the acquisition, exploration, and development of oil and natural gas properties; and the transportation of oil and natural gas primarily in the Permian Basin in West Texas, as well as rig fuel, natural gas lift, and water delivery and takeaway services.

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