LPI - Laredo Petroleum OKs $200M stock buyback sees $900M FCF through end of 2023

Laredo Petroleum (NYSE:LPI) said its board authorized a $200M share repurchase program, ~14% of the company's current market cap, through May 2024. Laredo (LPI) updated its debt repayment target to ~$700M by year-end 2023 and said it is on track to achieve its targeted net debt to consolidated EBITDAX ratio target of 1x by Q1 2023. The company also said it expects to generate $900M in free cash flow through the end of 2023, based on current commodity prices. Laredo Petroleum's (LPI) quarterly results this year "should surprise the market to the upside, [which] will benefit the stock price considerably," Long Player writes in a bullish analysis published recently on Seeking Alpha.

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Laredo Petroleum OKs $200M stock buyback, sees $900M FCF through end of 2023