Short Interest in Laredo Petroleum Inc. (LPI) Rises By 19.1%
Laredo Petroleum Inc. (NYSE:LPI) saw a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 20,344,209 shares, an increase of 19.1% from the September 15th total of 17,085,045 shares. Based on an average trading volume of 4,395,068 shares, the days-to-cover ratio is currently 4.6 days. Currently, 13.7% of the company’s shares are short sold.
In other news, VP Patrick J. Curth sold 17,000 shares of the company’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $12.57, for a total value of $213,690.00. Following the completion of the sale, the vice president now directly owns 172,926 shares of the company’s stock, valued at approximately $2,173,679.82. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.50% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in LPI. BlackRock Institutional Trust Company N.A. boosted its position in shares of Laredo Petroleum by 5.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,302,713 shares of the company’s stock valued at $26,191,000 after buying an additional 171,224 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Laredo Petroleum during the first quarter valued at about $572,000. Oxford Asset Management bought a new position in shares of Laredo Petroleum during the second quarter valued at about $3,635,000. Goldman Sachs Group Inc. boosted its position in shares of Laredo Petroleum by 138.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,021,440 shares of the company’s stock valued at $8,100,000 after buying an additional 592,333 shares during the last quarter. Finally, Commonwealth Equity Services Inc boosted its position in shares of Laredo Petroleum by 1.0% in the second quarter. Commonwealth Equity Services Inc now owns 99,172 shares of the company’s stock valued at $1,039,000 after buying an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 98.78% of the company’s stock.
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Laredo Petroleum (NYSE:LPI) opened at 13.13 on Monday. The company’s market cap is $2.93 billion. Laredo Petroleum has a 52-week low of $3.90 and a 52-week high of $13.93. The firm’s 50-day moving average price is $12.47 and its 200 day moving average price is $11.29.
Laredo Petroleum (NYSE:LPI) last released its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.33) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by $0.43. The firm had revenue of $146.77 million for the quarter, compared to the consensus estimate of $138.30 million. Laredo Petroleum had a negative net margin of 391.74% and a positive return on equity of 24.95%. The company’s revenue was down 19.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.05 EPS. On average, equities analysts predict that Laredo Petroleum will post $0.47 EPS for the current fiscal year.
Several brokerages recently issued reports on LPI. Barclays PLC began coverage on Laredo Petroleum in a research report on Tuesday, June 21st. They issued an “overweight” rating and a $14.00 price objective for the company. KLR Group boosted their price objective on Laredo Petroleum from $11.00 to $13.00 and gave the company a “hold” rating in a research report on Thursday, September 8th. FBR & Co began coverage on Laredo Petroleum in a research report on Tuesday, September 13th. They issued an “outperform” rating and a $14.00 price objective for the company. Credit Suisse Group AG lowered Laredo Petroleum from a “neutral” rating to an “underperform” rating and set a $9.00 price objective for the company. in a research report on Thursday. Finally, Capital One Financial Corp. upgraded Laredo Petroleum from an “equal weight” rating to an “overweight” rating and set a $15.00 price objective for the company in a research report on Wednesday, August 24th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $12.61.
Laredo Petroleum Company Profile
Laredo Petroleum, Inc (Laredo) is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, and the transportation of oil and natural gas from such properties primarily in the Permian Basin in West Texas. The Company’s segments include Exploration and production, and Midstream and marketing.
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