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. The company was formerly known as Laredo Petroleum Holdings, Inc. and changed its name to Laredo Petroleum, Inc. in December 2013. Laredo Petroleum, Inc. was incorporated in 2006 and is headquartered in Tulsa, Oklahoma.
Laredo Petroleum Stock Performance
NYSE:LPI traded down $0.17 during trading hours on Friday, reaching $68.71. The stock had a trading volume of 508,946 shares, compared to its average volume of 753,883. The stock has a market cap of $1.19 billion, a P/E ratio of 2.17 and a beta of 3.53. Laredo Petroleum has a 12-month low of $36.25 and a 12-month high of $120.86. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.47 and a current ratio of 0.47. The stock has a 50 day simple moving average of $79.59 and a 200 day simple moving average of $76.33.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on LPI. Wells Fargo & Company lifted their target price on Laredo Petroleum from $113.00 to $125.00 and gave the company an "underweight" rating in a research report on Monday, July 11th. Raymond James dropped their price target on shares of Laredo Petroleum from $120.00 to $85.00 in a research report on Tuesday, May 24th. Finally, Piper Sandler boosted their target price on shares of Laredo Petroleum from $117.00 to $120.00 and gave the company an "overweight" rating in a research report on Friday, July 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $112.50.
Insider Activity
In other news, SVP Mark David Denny sold 2,707 shares of the stock in a transaction on Wednesday, June 1st. The shares were 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 of the company's stock, valued at approximately $1,641,305.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Bryan Lemmerman sold 10,522 shares of Laredo Petroleum stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $62.84, for a total transaction of $661,202.48. Following the completion of the transaction, the chief financial officer now directly owns 61,113 shares of the company's stock, valued at approximately $3,840,340.92. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Mark David Denny sold 2,707 shares of the stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $88.95, for a total value of $240,787.65. Following the completion of the sale, the senior vice president now directly owns 18,452 shares in the company, valued at $1,641,305.40. The disclosure for this sale can be found here. 2.20% of the stock is owned by company insiders.