Short Interest in Laredo Petroleum Inc (LPI) Decreases By 10.3%

Laredo Petroleum Inc (NYSE:LPI) was the recipient of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 28,500,912 shares, a decline of 10.3% from the October 15th total of 31,764,038 shares. Approximately 15.9% of the shares of the company are sold short. Based on an average daily volume of 6,549,389 shares, the days-to-cover ratio is presently 4.4 days.

In other news, major shareholder Pincus Private Equity Warburg sold 14,200,000 shares of the business’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $7.42, for a total value of $105,364,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter Kagan sold 12,300,000 shares of the business’s stock in a transaction dated Thursday, September 27th. The shares were sold at an average price of $8.08, for a total transaction of $99,384,000.00. Following the completion of the sale, the director now directly owns 115,107 shares of the company’s stock, valued at approximately $930,064.56. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Macquarie Group Ltd. raised its stake in Laredo Petroleum by 8.3% in the second quarter. Macquarie Group Ltd. now owns 107,200 shares of the oil and gas producer’s stock valued at $1,031,000 after purchasing an additional 8,200 shares in the last quarter. SG Americas Securities LLC raised its stake in Laredo Petroleum by 6.9% in the second quarter. SG Americas Securities LLC now owns 137,270 shares of the oil and gas producer’s stock valued at $1,321,000 after purchasing an additional 8,918 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in Laredo Petroleum by 354.8% in the third quarter. DekaBank Deutsche Girozentrale now owns 12,279 shares of the oil and gas producer’s stock valued at $102,000 after purchasing an additional 9,579 shares in the last quarter. First Trust Advisors LP raised its stake in Laredo Petroleum by 3.4% in the third quarter. First Trust Advisors LP now owns 307,051 shares of the oil and gas producer’s stock valued at $2,509,000 after purchasing an additional 10,177 shares in the last quarter. Finally, Martingale Asset Management L P acquired a new position in Laredo Petroleum in the second quarter valued at about $100,000.

LPI has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Laredo Petroleum from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. Williams Capital reissued a “hold” rating and issued a $10.00 target price on shares of Laredo Petroleum in a research report on Tuesday, August 21st. Piper Jaffray Companies set a $14.00 target price on shares of Laredo Petroleum and gave the company a “buy” rating in a research report on Sunday, August 5th. Finally, Bank of America reduced their target price on shares of Laredo Petroleum from $12.00 to $11.00 and set an “underperform” rating for the company in a research report on Thursday, August 2nd. Three equities research analysts have rated the stock with a sell rating, nine 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 an average target price of $11.79.

LPI stock opened at $5.29 on Thursday. The stock has a market capitalization of $1.24 billion, a P/E ratio of 8.82, a P/E/G ratio of 0.98 and a beta of 1.59. Laredo Petroleum has a 52 week low of $4.80 and a 52 week high of $11.68. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.73 and a quick ratio of 0.73.

Laredo Petroleum (NYSE:LPI) last posted its quarterly earnings results on Monday, November 5th. The oil and gas producer reported $0.27 EPS for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.03). The company had revenue of $279.70 million during the quarter, compared to analyst estimates of $276.95 million. Laredo Petroleum had a net margin of 51.61% and a return on equity of 24.30%. The firm’s revenue for the quarter was up 35.9% compared to the same quarter last year. During the same period last year, the firm earned $0.13 EPS. On average, sell-side analysts predict that Laredo Petroleum will post 1.08 earnings per share for the current fiscal year.

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About Laredo Petroleum

Laredo Petroleum, Inc operates as an independent energy company in the United States. It operates through two segments, Exploration and Production; and Midstream and Marketing. The company engages in the acquisition, exploration, and development of oil and natural gas properties; and the transportation of oil and natural gas primarily in the Permian Basin in West Texas, as well as rig fuel, natural gas lift, and water delivery and takeaway services.

See Also: Initial Public Offering (IPO)

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