Jennison Associates LLC Boosts Stake in Laredo Petroleum Inc (LPI)

Jennison Associates LLC Boosts Stake in Laredo Petroleum Inc (LPI)

Jennison Associates LLC raised its position in Laredo Petroleum Inc (NYSE:LPI) by 67.4% during the first quarter, Holdings Channel reports. The fund owned 3,023,757 shares of the oil and gas producer’s stock after buying an additional 1,217,421 shares during the period. Jennison Associates LLC owned 1.27% of Laredo Petroleum worth $44,147,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in LPI. Norges Bank acquired a new position in shares of Laredo Petroleum during the fourth quarter worth about $25,204,000. Henderson Group PLC raised its position in Laredo Petroleum by 127.8% in the third quarter. Henderson Group PLC now owns 112,808 shares of the oil and gas producer’s stock worth $1,455,000 after buying an additional 63,278 shares in the last quarter. Rothschild Asset Management Inc. raised its position in Laredo Petroleum by 281.9% in the third quarter. Rothschild Asset Management Inc. now owns 1,978,368 shares of the oil and gas producer’s stock worth $25,521,000 after buying an additional 1,460,314 shares in the last quarter. Quantbot Technologies LP purchased a new position in Laredo Petroleum during the third quarter worth $909,000. Finally, Renaissance Technologies LLC purchased a new position in Laredo Petroleum during the fourth quarter worth $4,382,000.

Shares of Laredo Petroleum Inc (NYSE:LPI) traded up 4.43% during trading on Friday, reaching $12.02. 4,871,937 shares of the company traded hands. Laredo Petroleum Inc has a 12 month low of $9.20 and a 12 month high of $16.47. The firm’s market capitalization is $2.86 billion. The firm has a 50-day moving average price of $13.52 and a 200-day moving average price of $13.80.

Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings results on Wednesday, May 3rd. 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. The company earned $189 million during the quarter, compared to analysts’ expectations of $164.39 million. Laredo Petroleum had a positive return on equity of 123.07% and a negative net margin of 225.04%. Laredo Petroleum’s revenue for the quarter was up 77.3% compared to the same quarter last year. During the same period last year, the company earned $0.08 earnings per share. Equities research analysts anticipate that Laredo Petroleum Inc will post $0.55 EPS for the current year.

A number of research firms have recently weighed in on LPI. Williams Capital set a $16.00 price objective on shares of Laredo Petroleum and gave the company a “hold” rating in a research report on Thursday. Scotiabank reissued a “hold” rating and issued a $15.00 price objective on shares of Laredo Petroleum in a research report on Friday. TheStreet raised shares of Laredo Petroleum from a “d-” rating to a “c-” rating in a research report on Wednesday. BMO Capital Markets reissued a “hold” rating on shares of Laredo Petroleum in a research report on Thursday. Finally, FBR & Co cut their price objective on shares of Laredo Petroleum from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, February 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $14.81.

In other news, VP Patrick J. Curth sold 43,830 shares of the stock in a transaction that occurred on Friday, March 31st. The shares were sold at an average price of $14.41, for a total value of $631,590.30. Following the completion of the sale, the vice president now directly owns 232,386 shares of the company’s stock, valued at $3,348,682.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter Kagan sold 163,207 shares of the firm’s stock in a transaction that occurred on Friday, March 31st. The shares were sold at an average price of $14.34, for a total transaction of $2,340,388.38. Following the transaction, the director now directly owns 68,006 shares in the company, valued at approximately $975,206.04. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

Laredo Petroleum Company Profile

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.

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