Short Interest in Laredo Petroleum Inc (NYSE:LPI) Increases By 19.7%

Laredo Petroleum Inc (NYSE:LPI) was the target of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 30,040,000 shares, a growth of 19.7% from the May 15th total of 25,086,100 shares. Approximately 17.0% of the company’s stock are short sold. Based on an average daily volume of 5,230,000 shares, the short-interest ratio is currently 5.7 days.

LPI stock traded down $0.08 during trading on Friday, reaching $2.94. The company had a trading volume of 5,195,893 shares, compared to its average volume of 4,842,748. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.85 and a current ratio of 0.85. Laredo Petroleum has a twelve month low of $2.40 and a twelve month high of $9.81. The business has a 50-day simple moving average of $2.77. The firm has a market cap of $695.47 million, a P/E ratio of 3.16 and a beta of 1.47.

Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings data on Wednesday, May 1st. The oil and gas producer reported $0.12 EPS for the quarter, beating the consensus estimate of $0.10 by $0.02. Laredo Petroleum had a net margin of 21.68% and a return on equity of 17.30%. The business had revenue of $208.95 million during the quarter, compared to analysts’ expectations of $198.64 million. During the same period in the previous year, the business posted $0.24 EPS. The business’s quarterly revenue was down 19.5% compared to the same quarter last year. As a group, analysts expect that Laredo Petroleum will post 0.73 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pearl River Capital LLC acquired a new stake in Laredo Petroleum during the 4th quarter valued at approximately $35,000. Pitcairn Co. purchased a new position in shares of Laredo Petroleum during the 4th quarter valued at approximately $42,000. Cornerstone Investment Partners LLC purchased a new position in shares of Laredo Petroleum during the 1st quarter valued at approximately $51,000. PNC Financial Services Group Inc. increased its holdings in shares of Laredo Petroleum by 155.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 18,773 shares of the oil and gas producer’s stock valued at $67,000 after purchasing an additional 11,427 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in shares of Laredo Petroleum by 25.4% during the 4th quarter. Amalgamated Bank now owns 23,366 shares of the oil and gas producer’s stock valued at $85,000 after purchasing an additional 4,735 shares in the last quarter. Institutional investors and hedge funds own 96.59% of the company’s stock.

A number of analysts have recently weighed in on LPI shares. Capital One Financial upgraded shares of Cimarex Energy from an “equal weight” rating to an “overweight” rating in a report on Thursday, May 23rd. Williams Capital upgraded shares of Laredo Petroleum from a “hold” rating to a “buy” rating and raised their price target for the company from $4.00 to $5.50 in a report on Thursday, May 16th. Credit Suisse Group upgraded shares of Laredo Petroleum from an “underperform” rating to a “neutral” rating and set a $2.83 price target on the stock in a report on Tuesday, July 9th. They noted that the move was a valuation call. Zacks Investment Research cut shares of ExlService from a “hold” rating to a “sell” rating in a report on Wednesday, July 10th. Finally, Robert W. Baird lifted their target price on shares of Carvana from $65.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. Laredo Petroleum currently has a consensus rating of “Hold” and an average target price of $6.51.

Laredo Petroleum Company Profile

Laredo Petroleum, Inc, an independent energy company, engages in the acquisition, exploration, and development of oil and natural gas properties in the Permian Basin of West Texas, the United States. The company also provides midstream and marketing services comprising transportation and marketing of oil and natural gas; and natural gas lift systems, crude oil and natural gas gathering, and water delivery and takeaway services.

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