Here’s Why Laredo Petroleum Inc.’s Stock Is Sinking Today

Here’s Why Laredo Petroleum Inc.’s Stock Is Sinking Today

Shares of Laredo Petroleum (NYSE: LPI) sold off on Thursday and were down 11.5% at 12:56 p.m. EDT. While the company met expectations for earnings and production, investors' seemed to want even more after several rivals recently reported expectation-beating results.

Laredo Petroleum reported adjusted net income of $33.1 million, or $0.13 per share, which was in line with analysts' expectations. The company hit that target by delivering a 17% year-over-year increase in production while pushing lease operating costs down 8%. Those improvements came despite challenging conditions during the quarter, including one of the worst hurricanes in decades in terms of impact on the U.S. energy industry.

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Source: Fool.com