Laredo Petroleum, Inc. (NYSE:LPI) was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 22,209,682 shares, a drop of 12.9% from the July 14th total of 25,501,492 shares. Currently, 13.8% of the company’s shares are short sold. Based on an average daily volume of 4,509,764 shares, the short-interest ratio is currently 4.9 days.

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Laredo Petroleum by 7.9% in the second quarter. Vanguard Group Inc. now owns 16,083,332 shares of the oil and gas producer’s stock worth $169,197,000 after buying an additional 1,176,608 shares during the last quarter. BlackRock Inc. raised its stake in Laredo Petroleum by 2,500.3% in the first quarter. BlackRock Inc. now owns 7,598,973 shares of the oil and gas producer’s stock worth $110,946,000 after buying an additional 7,306,738 shares during the last quarter. State Street Corp raised its stake in Laredo Petroleum by 15.9% in the second quarter. State Street Corp now owns 5,810,244 shares of the oil and gas producer’s stock worth $61,121,000 after buying an additional 799,073 shares during the last quarter. Wellington Management Group LLP raised its stake in Laredo Petroleum by 25.2% in the first quarter. Wellington Management Group LLP now owns 4,311,310 shares of the oil and gas producer’s stock worth $62,944,000 after buying an additional 869,100 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its stake in Laredo Petroleum by 150.2% in the first quarter. Point72 Asset Management L.P. now owns 3,748,400 shares of the oil and gas producer’s stock worth $54,727,000 after buying an additional 2,250,300 shares during the last quarter.

LPI has been the subject of several research reports. Scotiabank reiterated a “hold” rating and issued a $15.00 target price on shares of Laredo Petroleum in a report on Monday, May 15th. FBR & Co reiterated a “buy” rating and issued a $16.00 target price on shares of Laredo Petroleum in a report on Friday, May 12th. Stifel Nicolaus reiterated a “buy” rating and issued a $17.00 target price on shares of Laredo Petroleum in a report on Friday, July 14th. BMO Capital Markets reiterated a “hold” rating and issued a $10.00 target price on shares of Laredo Petroleum in a report on Tuesday, June 27th. Finally, Cowen and Company set a $12.00 target price on shares of Laredo Petroleum and gave the company a “hold” rating in a report on Tuesday, July 18th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $14.87.

Shares of Laredo Petroleum (NYSE LPI) opened at 12.03 on Tuesday. The stock’s 50 day moving average is $11.63 and its 200 day moving average is $12.70. Laredo Petroleum has a 52-week low of $9.57 and a 52-week high of $16.47. The stock has a market capitalization of $2.88 billion, a PE ratio of 24.30 and a beta of 1.41.

Laredo Petroleum (NYSE:LPI) last released its quarterly earnings results on Monday, August 7th. The oil and gas producer reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.11 by $0.01. The firm had revenue of $187 million for the quarter, compared to analyst estimates of $173.32 million. Laredo Petroleum had a net margin of 16.73% and a return on equity of 49.15%. Laredo Petroleum’s revenue for the quarter was up 27.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.13 earnings per share. Equities research analysts expect that Laredo Petroleum will post $0.50 earnings per share for the current fiscal year.

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About Laredo Petroleum

Laredo Petroleum, Inc (Laredo) is an independent energy company. The Company is 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. It operates through two segments: Exploration and production of oil and natural gas properties, and Midstream and marketing.

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