Warburg Pincus LLC Lowers Position in Laredo Petroleum, Inc. (LPI)

Warburg Pincus LLC lowered its stake in shares of Laredo Petroleum, Inc. (NYSE:LPI) by 11.4% during the first quarter, Holdings Channel reports. The firm owned 77,670,146 shares of the oil and gas producer’s stock after selling 9,999,981 shares during the period. Laredo Petroleum comprises 21.3% of Warburg Pincus LLC’s holdings, making the stock its 2nd largest position. Warburg Pincus LLC owned approximately 32.47% of Laredo Petroleum worth $1,133,984,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Quantbot Technologies LP purchased a new stake in shares of Laredo Petroleum during the first quarter valued at $114,000. Meeder Asset Management Inc. increased its stake in shares of Laredo Petroleum by 282.5% in the first quarter. Meeder Asset Management Inc. now owns 8,093 shares of the oil and gas producer’s stock valued at $118,000 after buying an additional 5,977 shares during the period. Glen Harbor Capital Management LLC purchased a new stake in shares of Laredo Petroleum during the first quarter valued at $122,000. James Investment Research Inc. purchased a new stake in shares of Laredo Petroleum during the first quarter valued at $149,000. Finally, Tiedemann Wealth Management LLC purchased a new stake in shares of Laredo Petroleum during the first quarter valued at $150,000.

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

Shares of Laredo Petroleum, Inc. (NYSE:LPI) traded down 1.67% during midday trading on Friday, hitting $10.63. 6,285,748 shares of the stock were exchanged. The stock’s market cap is $2.54 billion. The firm’s 50-day moving average is $12.19 and its 200-day moving average is $13.55. Laredo Petroleum, Inc. has a 12 month low of $9.20 and a 12 month high of $16.47.

Laredo Petroleum (NYSE:LPI) last released its quarterly earnings results on Wednesday, May 3rd. The oil and gas producer reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by $0.01. The firm had revenue of $189 million for the quarter, compared to analyst estimates of $164.39 million. Laredo Petroleum had a negative net margin of 1.78% and a positive return on equity of 75.64%. The firm’s quarterly revenue was up 77.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.08 EPS. Equities research analysts predict that Laredo Petroleum, Inc. will post $0.55 earnings per share for the current year.

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A number of research firms have commented on LPI. Seaport Global Securities raised shares of Laredo Petroleum from a “neutral” rating to a “buy” rating in a research report on Friday, March 31st. J P Morgan Chase & Co cut their target price on shares of Laredo Petroleum from $14.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, May 31st. Stephens raised shares of Laredo Petroleum from an “underweight” rating to a “hold” rating in a research report on Monday, May 15th. Zacks Investment Research downgraded shares of Laredo Petroleum from a “buy” rating to a “hold” rating and set a $16.00 target price for the company. in a research report on Tuesday, February 28th. Finally, TheStreet raised shares of Laredo Petroleum from a “d-” rating to a “c-” rating in a research report on Wednesday, May 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $15.11.

In related news, Director Peter Kagan sold 163,207 shares of the firm’s stock in a transaction 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 sale, the director now owns 68,006 shares in the company, valued at $975,206.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Patrick J. Curth sold 43,830 shares of the firm’s stock in a transaction on Friday, March 31st. The shares were sold at an average price of $14.41, for a total transaction of $631,590.30. Following the sale, the vice president now owns 232,386 shares in the company, valued at approximately $3,348,682.26. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

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.

Want to see what other hedge funds are holding LPI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Laredo Petroleum, Inc. (NYSE:LPI).

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