Texas Permanent School Fund Invests $485,000 in Laredo Petroleum Inc (LPI) Stock
Texas Permanent School Fund bought a new stake in Laredo Petroleum Inc (NYSE:LPI) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 59,377 shares of the oil and gas producer’s stock, valued at approximately $485,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Thompson Siegel & Walmsley LLC purchased a new position in Laredo Petroleum in the second quarter valued at about $17,730,000. BlackRock Inc. boosted its stake in Laredo Petroleum by 60.3% in the second quarter. BlackRock Inc. now owns 10,509,841 shares of the oil and gas producer’s stock valued at $101,104,000 after acquiring an additional 3,954,104 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in Laredo Petroleum by 323.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 51,369 shares of the oil and gas producer’s stock valued at $494,000 after acquiring an additional 39,251 shares during the last quarter. New Amsterdam Partners LLC NY bought a new stake in shares of Laredo Petroleum in the second quarter valued at approximately $2,902,000. Finally, Schroder Investment Management Group raised its position in shares of Laredo Petroleum by 222.0% in the second quarter. Schroder Investment Management Group now owns 2,060,930 shares of the oil and gas producer’s stock valued at $19,352,000 after purchasing an additional 1,420,930 shares during the period.
Laredo Petroleum stock opened at $5.60 on Monday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.60 and a current ratio of 0.73. The company has a market cap of $1.31 billion, a P/E ratio of 9.33, a PEG ratio of 1.03 and a beta of 1.59. Laredo Petroleum Inc has a 1-year low of $4.82 and a 1-year high of $11.68.
Several analysts have recently issued reports on LPI shares. Zacks Investment Research lowered shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. Williams Capital reissued a “hold” rating and issued a $10.00 price target on shares of Laredo Petroleum in a research report on Tuesday, August 21st. Piper Jaffray Companies set a $14.00 price target on shares of Laredo Petroleum and gave the company a “buy” rating in a research report on Sunday, August 5th. Finally, Bank of America lowered their price target on shares of Laredo Petroleum from $12.00 to $11.00 and set an “underperform” rating on the stock in a research report on Thursday, August 2nd. Three analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $11.79.
In related news, Director Peter Kagan sold 12,300,000 shares of the company’s stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $8.08, for a total transaction of $99,384,000.00. Following the sale, the director now owns 115,107 shares of the company’s stock, valued at approximately $930,064.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Pincus Private Equity Warburg sold 14,200,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $7.42, for a total transaction of $105,364,000.00. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.
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Laredo Petroleum Profile
Laredo Petroleum, Inc operates as an independent energy company in the United States. It operates through two segments, Exploration and Production; and Midstream and Marketing. The company engages in the acquisition, exploration, and development of oil and natural gas properties; and the transportation of oil and natural gas primarily in the Permian Basin in West Texas, as well as rig fuel, natural gas lift, and water delivery and takeaway services.
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