Short Interest in Laredo Petroleum Inc (LPI) Decreases By 10.5%

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Laredo Petroleum Inc (NYSE:LPI) was the target of a large decrease in short interest in March. As of March 29th, there was short interest totalling 28,048,164 shares, a decrease of 10.5% from the March 15th total of 31,327,709 shares. Approximately 15.9% of the shares of the stock are sold short. Based on an average daily volume of 5,950,209 shares, the days-to-cover ratio is presently 4.7 days.

Shares of NYSE LPI opened at $3.14 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84. Laredo Petroleum has a 52-week low of $2.80 and a 52-week high of $11.18. The company has a market capitalization of $765.47 million, a price-to-earnings ratio of 3.38 and a beta of 1.47.

Laredo Petroleum (NYSE:LPI) last announced its quarterly earnings results on Wednesday, February 13th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.04). Laredo Petroleum had a net margin of 29.37% and a return on equity of 21.16%. The business had revenue of $215.28 million during the quarter, compared to analyst estimates of $253.75 million. During the same quarter last year, the company posted $0.19 earnings per share. The company’s revenue was down 10.4% compared to the same quarter last year. As a group, research analysts expect that Laredo Petroleum will post 0.5 earnings per share for the current year.

LPI has been the subject of a number of research analyst reports. Raymond James set a $5.00 price objective on shares of Laredo Petroleum and gave the stock a “buy” rating in a research report on Wednesday, January 23rd. Societe Generale cut shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a research report on Friday, February 15th. Zacks Investment Research upgraded shares of Laredo Petroleum from a “sell” rating to a “hold” rating in a research report on Saturday, January 26th. Williams Capital reiterated a “hold” rating and set a $5.00 price objective on shares of Laredo Petroleum in a research report on Wednesday, January 23rd. Finally, MKM Partners reiterated a “neutral” rating and set a $3.00 price objective (down from $5.00) on shares of Laredo Petroleum in a research report on Friday, February 15th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $6.71.

A number of hedge funds and other institutional investors have recently made changes to their positions in LPI. Wells Fargo & Company MN increased its position in Laredo Petroleum by 3.9% in the 3rd quarter. Wells Fargo & Company MN now owns 642,035 shares of the oil and gas producer’s stock valued at $5,245,000 after acquiring an additional 24,061 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Laredo Petroleum by 63.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 176,255 shares of the oil and gas producer’s stock valued at $1,440,000 after purchasing an additional 68,307 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Laredo Petroleum by 61.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,065,690 shares of the oil and gas producer’s stock valued at $16,876,000 after purchasing an additional 787,213 shares during the last quarter. Martingale Asset Management L P boosted its stake in shares of Laredo Petroleum by 1,759.6% in the 3rd quarter. Martingale Asset Management L P now owns 191,594 shares of the oil and gas producer’s stock valued at $1,566,000 after purchasing an additional 181,291 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in shares of Laredo Petroleum by 118.3% in the 3rd quarter. BlackRock Inc. now owns 22,944,636 shares of the oil and gas producer’s stock valued at $187,459,000 after purchasing an additional 12,434,795 shares during the last quarter. Hedge funds and other institutional investors own 99.41% of the company’s stock.

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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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