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 Price Performance
Shares of NYSE:LPI traded down $0.51 during mid-day trading on Friday, reaching $68.37. 5,340 shares of the company traded hands, compared to its average volume of 742,775. The stock has a fifty day simple moving average of $80.36 and a 200-day simple moving average of $76.24. The firm has a market cap of $1.18 billion, a PE ratio of 2.18 and a beta of 3.53. Laredo Petroleum has a fifty-two week low of $36.25 and a fifty-two week high of $120.86. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.47 and a quick ratio of 0.47.
Analyst Upgrades and Downgrades
A number of equities analysts have recently weighed in on the stock. Raymond James lowered their price target on shares of Laredo Petroleum from $120.00 to $85.00 in a research note on Tuesday, May 24th. Piper Sandler increased their price objective on Laredo Petroleum from $117.00 to $120.00 and gave the company an "overweight" rating in a research note on Friday, July 22nd. Finally, Wells Fargo & Company lifted their price objective on Laredo Petroleum from $113.00 to $125.00 and gave the company an "underweight" rating in a research report on Monday, July 11th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Laredo Petroleum presently has a consensus rating of "Hold" and a consensus price target of $112.50.
Insider Activity
In related news, SVP Mark David Denny sold 2,707 shares of the stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $88.95, for a total transaction of $240,787.65. Following the completion of the sale, the senior vice president now directly owns 18,452 shares of the company's stock, valued at $1,641,305.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Bryan Lemmerman sold 10,522 shares of the stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $62.84, for a total value of $661,202.48. Following the completion of the sale, the chief financial officer now owns 61,113 shares in the company, valued at $3,840,340.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Mark David Denny sold 2,707 shares of the company's 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 directly owns 18,452 shares in the company, valued at $1,641,305.40. The disclosure for this sale can be found here. Insiders own 2.20% of the company's stock.