NEW YORK (TheStreet) -- Laredo Petroleum (LPI) shares closed trading up 11.98% to $10 in trading on Friday as the independent oil and gas developer benefited from rising oil prices.
The price of a barrel of industry standard Brent crude was up 5.42% in trading on Friday while the price of WTI crude is also up, 4.45% to $56.52, its largest one day increase since May 2009.
Oil has been slowly been recovering from the dramatic drop in prices this month. Oil has steadily fallen since OPEC announced last month that it would not cut production despite the large supply that was already on the market as a way to improve market share in light of the recent U.S. oil shale boom.
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TheStreet Ratings team rates LAREDO PETROLEUM INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate LAREDO PETROLEUM INC (LPI) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and generally disappointing historical performance in the stock itself."