Insider Buying: Laredo Petroleum Director Acquires 20,882 Shares of Stock (LPI)

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Laredo Petroleum (NYSE:LPI) Director L F. Rooney III purchased 20,882 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were purchased at an average price of $23.50 per share, with a total value of $490,727.00. Following the purchase, the director now directly owns 39,074 shares in the company, valued at approximately $918,239. The transaction was disclosed in a filing with the SEC, which is available at this link.

LPI has been the subject of a number of recent research reports. Analysts at Global Hunter Securities cut their price target on shares of Laredo Petroleum from $44.00 to $41.00 in a research note on Tuesday, August 12th. Separately, analysts at Stephens downgraded shares of Laredo Petroleum from an “overweight” rating to an “equal weight” rating in a research note on Monday, August 11th. They now have a $29.00 price target on the stock, down previously from $35.00. Finally, analysts at KLR Group raised their price target on shares of Laredo Petroleum from $2.00 to $27.00 in a research note on Friday, August 8th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $33.22.

Shares of Laredo Petroleum (NYSE:LPI) opened at 23.82 on Tuesday. Laredo Petroleum has a 1-year low of $22.76 and a 1-year high of $34.60. The stock has a 50-day moving average of $27.66 and a 200-day moving average of $27.3. The company has a market cap of $3.367 billion and a P/E ratio of 54.15.

Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.14 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.18 by $0.04. The company had revenue of $183.00 million for the quarter, compared to the consensus estimate of $190.23 million. The company’s quarterly revenue was up 3.2% on a year-over-year basis. On average, analysts predict that Laredo Petroleum will post $0.90 earnings per share for the current fiscal year.

Laredo Petroleum, Inc, formerly Laredo Petroleum Holdings, Inc, is focused on the exploration, development and acquisition of oil and natural gas properties primarily in the Permian region of the United States.

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