Laredo Petroleum Inc (NYSE:LPI) Short Interest Down 92.7% in June

Laredo Petroleum Inc (NYSE:LPI) was the recipient of a large decrease in short interest in June. As of June 30th, there was short interest totalling 1,450,000 shares, a decrease of 92.7% from the June 15th total of 19,930,000 shares. Currently, 16.0% of the company’s shares are sold short. Based on an average daily volume of 476,400 shares, the days-to-cover ratio is currently 3.0 days.

LPI has been the subject of a number of research analyst reports. MKM Partners increased their target price on shares of Laredo Petroleum from $32.00 to $36.00 in a research report on Wednesday, June 3rd. Raymond James downgraded shares of Laredo Petroleum from an “outperform” rating to a “market perform” rating in a research report on Monday, March 9th. Capital One Financial raised shares of Laredo Petroleum from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $20.00 to $30.00 in a research report on Tuesday, May 19th. Wells Fargo & Co increased their target price on shares of Laredo Petroleum from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 25th. Finally, Zacks Investment Research raised shares of Laredo Petroleum from a “hold” rating to a “buy” rating and set a $17.00 target price for the company in a research report on Tuesday, June 23rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $46.29.

Several institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of Laredo Petroleum by 18.3% during the 1st quarter. State Street Corp now owns 13,850,683 shares of the oil and gas producer’s stock valued at $5,260,000 after buying an additional 2,145,652 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Laredo Petroleum by 45.4% during the 4th quarter. Renaissance Technologies LLC now owns 6,592,150 shares of the oil and gas producer’s stock valued at $18,919,000 after buying an additional 2,059,650 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Laredo Petroleum by 9.5% during the fourth quarter. Bank of New York Mellon Corp now owns 4,790,658 shares of the oil and gas producer’s stock worth $13,749,000 after purchasing an additional 414,055 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in Laredo Petroleum by 9.7% during the first quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,305,700 shares of the oil and gas producer’s stock worth $1,635,000 after purchasing an additional 379,900 shares during the last quarter. Finally, Luminus Management LLC lifted its stake in Laredo Petroleum by 5.9% during the first quarter. Luminus Management LLC now owns 3,771,120 shares of the oil and gas producer’s stock worth $1,432,000 after purchasing an additional 210,596 shares during the last quarter. Institutional investors own 84.01% of the company’s stock.

NYSE LPI opened at $13.55 on Tuesday. The stock has a market cap of $162.19 million, a PE ratio of -1.61 and a beta of 4.20. Laredo Petroleum has a fifty-two week low of $6.60 and a fifty-two week high of $68.50. The business has a 50 day moving average price of $16.33 and a two-hundred day moving average price of $24.79. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 1.18.

Laredo Petroleum (NYSE:LPI) last released its earnings results on Wednesday, May 6th. The oil and gas producer reported $1.80 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.00 by ($0.20). The business had revenue of $204.99 million for the quarter, compared to analysts’ expectations of $184.46 million. Laredo Petroleum had a negative net margin of 11.74% and a positive return on equity of 15.20%. Sell-side analysts anticipate that Laredo Petroleum will post 7.65 EPS for the current fiscal year.

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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