Laredo Petroleum Inc (NYSE:LPI) saw a large drop in short interest in June. As of June 30th, there was short interest totalling 27,212,300 shares, a drop of 9.4% from the May 30th total of 30,040,000 shares. Currently, 15.4% of the shares of the company are sold short. Based on an average daily volume of 5,130,000 shares, the short-interest ratio is currently 5.3 days.
A number of research firms have issued reports on LPI. Capital One Financial raised shares of Cimarex Energy from an “equal weight” rating to an “overweight” rating in a research report on Thursday, May 23rd. Zacks Investment Research lowered shares of ExlService from a “hold” rating to a “sell” rating in a research report on Wednesday, July 10th. Williams Capital raised shares of Laredo Petroleum from a “hold” rating to a “buy” rating and raised their price target for the stock from $4.00 to $5.50 in a research report on Thursday, May 16th. Robert W. Baird raised their price target on shares of Carvana from $65.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, May 9th. Finally, Credit Suisse Group raised shares of Laredo Petroleum from an “underperform” rating to a “neutral” rating and set a $2.83 price target for the company in a research report on Tuesday, July 9th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $6.51.
NYSE LPI traded down $0.08 on Monday, hitting $3.01. The company had a trading volume of 5,036,362 shares, compared to its average volume of 5,138,883. The stock has a market capitalization of $730.96 million, a P/E ratio of 3.24 and a beta of 1.47. The company’s fifty day moving average price is $2.75. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.92. Laredo Petroleum has a 12-month low of $2.40 and a 12-month high of $9.81.
Laredo Petroleum (NYSE:LPI) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas producer reported $0.12 EPS for the quarter, topping the consensus estimate of $0.10 by $0.02. The company had revenue of $208.95 million during the quarter, compared to analyst estimates of $198.64 million. Laredo Petroleum had a net margin of 21.68% and a return on equity of 17.30%. The firm’s revenue was down 19.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 EPS. As a group, equities research analysts predict that Laredo Petroleum will post 0.74 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its holdings in Laredo Petroleum by 2.8% in the 4th quarter. BlackRock Inc. now owns 23,586,126 shares of the oil and gas producer’s stock worth $85,382,000 after acquiring an additional 641,490 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Laredo Petroleum by 15.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,125,338 shares of the oil and gas producer’s stock worth $36,654,000 after acquiring an additional 1,330,494 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Laredo Petroleum by 171.2% in the 4th quarter. Bank of New York Mellon Corp now owns 5,602,765 shares of the oil and gas producer’s stock worth $20,282,000 after acquiring an additional 3,537,075 shares in the last quarter. Norges Bank purchased a new stake in Laredo Petroleum in the 4th quarter worth $11,611,000. Finally, Northern Trust Corp increased its holdings in Laredo Petroleum by 1.2% in the 4th quarter. Northern Trust Corp now owns 1,993,735 shares of the oil and gas producer’s stock worth $7,218,000 after acquiring an additional 23,566 shares in the last quarter. 96.59% of the stock is owned by institutional investors.
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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