Goldman Sachs Group Inc. Grows Stake in Laredo Petroleum, Inc. (LPI)

Goldman Sachs Group Inc. lifted its stake in shares of Laredo Petroleum, Inc. (NYSE:LPI) by 69.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,082,481 shares of the oil and gas producer’s stock after purchasing an additional 1,263,202 shares during the period. Goldman Sachs Group Inc. owned about 1.27% of Laredo Petroleum worth $32,428,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in LPI. Russell Investments Group Ltd. increased its stake in shares of Laredo Petroleum by 16,137.4% during the first quarter. Russell Investments Group Ltd. now owns 34,261 shares of the oil and gas producer’s stock worth $500,000 after purchasing an additional 34,050 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Laredo Petroleum by 23.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,043,185 shares of the oil and gas producer’s stock valued at $15,230,000 after acquiring an additional 197,203 shares in the last quarter. BNP Paribas Arbitrage SA grew its stake in Laredo Petroleum by 469.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 15,969 shares of the oil and gas producer’s stock valued at $233,000 after acquiring an additional 13,166 shares in the last quarter. Karp Capital Management Corp purchased a new stake in Laredo Petroleum during the 1st quarter valued at about $277,000. Finally, Pacer Advisors Inc. purchased a new stake in Laredo Petroleum during the 1st quarter valued at about $224,000.

Shares of Laredo Petroleum, Inc. (LPI) opened at 12.67 on Wednesday. The stock has a market cap of $3.03 billion, a PE ratio of 25.60 and a beta of 1.45. The stock has a 50 day moving average of $12.44 and a 200 day moving average of $12.30. Laredo Petroleum, Inc. has a 1-year low of $9.57 and a 1-year high of $16.47.

Laredo Petroleum (NYSE:LPI) last released its earnings results on Monday, August 7th. The oil and gas producer reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.01). Laredo Petroleum had a net margin of 16.73% and a return on equity of 49.15%. The company had revenue of $187.00 million during the quarter, compared to analysts’ expectations of $173.32 million. During the same quarter in the previous year, the firm posted $0.13 earnings per share. Laredo Petroleum’s revenue for the quarter was up 27.5% compared to the same quarter last year. Equities research analysts forecast that Laredo Petroleum, Inc. will post $0.62 EPS for the current year.

LPI has been the subject of several research reports. Seaport Global Securities cut shares of Laredo Petroleum from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $19.00 to $9.00 in a research note on Wednesday, June 21st. BidaskClub cut shares of Laredo Petroleum from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 21st. BMO Capital Markets reaffirmed a “hold” rating and set a $10.00 price objective on shares of Laredo Petroleum in a research note on Tuesday, June 27th. Scotiabank set a $13.00 price objective on shares of Laredo Petroleum and gave the company a “hold” rating in a research note on Saturday, July 1st. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $17.00 price objective on shares of Laredo Petroleum in a research note on Friday, July 14th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company. Laredo Petroleum has an average rating of “Hold” and a consensus price target of $14.68.

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About Laredo Petroleum

Laredo Petroleum, Inc (Laredo) is an independent energy company. The Company is focused on the acquisition, exploration and development of oil and natural gas properties, and the transportation of oil and natural gas from such properties primarily in the Permian Basin in West Texas. It operates through two segments: Exploration and production of oil and natural gas properties, and Midstream and marketing.

Institutional Ownership by Quarter for Laredo Petroleum (NYSE:LPI)

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