Laredo Petroleum Inc (NYSE:LPI) Sees Significant Growth in Short Interest
Laredo Petroleum Inc (NYSE:LPI) was the target of a large increase in short interest in July. As of July 15th, there was short interest totalling 28,825,700 shares, an increase of 5.9% from the June 15th total of 27,212,300 shares. Based on an average trading volume of 5,020,000 shares, the days-to-cover ratio is presently 5.7 days. Currently, 16.3% of the company’s stock are short sold.
A number of large investors have recently made changes to their positions in LPI. BlackRock Inc. lifted its holdings in shares of Laredo Petroleum by 2.8% in the fourth quarter. BlackRock Inc. now owns 23,586,126 shares of the oil and gas producer’s stock valued at $85,382,000 after purchasing an additional 641,490 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Laredo Petroleum by 15.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,125,338 shares of the oil and gas producer’s stock worth $36,654,000 after buying an additional 1,330,494 shares during the last quarter. Norges Bank acquired a new position in Laredo Petroleum during the fourth quarter worth approximately $11,611,000. Northern Trust Corp increased its position in Laredo Petroleum by 1.2% during the fourth quarter. Northern Trust Corp now owns 1,993,735 shares of the oil and gas producer’s stock worth $7,218,000 after buying an additional 23,566 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Laredo Petroleum by 9.7% during the fourth quarter. Geode Capital Management LLC now owns 1,580,585 shares of the oil and gas producer’s stock worth $5,721,000 after buying an additional 140,041 shares during the last quarter. Hedge funds and other institutional investors own 96.47% of the company’s stock.
NYSE LPI traded up $0.41 during trading hours on Tuesday, reaching $3.04. The company had a trading volume of 11,186,649 shares, compared to its average volume of 5,283,449. The firm has a 50-day moving average price of $2.81. Laredo Petroleum has a 1-year low of $2.40 and a 1-year high of $9.47. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market capitalization of $622.13 million, a PE ratio of 3.27 and a beta of 1.47.
A number of research analysts recently weighed in on LPI shares. Capital One Financial upgraded shares of Cimarex Energy from an “equal weight” rating to an “overweight” rating in a research note on Thursday, May 23rd. Zacks Investment Research cut shares of Eisai from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Robert W. Baird boosted their price objective on shares of Carvana from $65.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, May 9th. Credit Suisse Group upgraded shares of Laredo Petroleum from an “underperform” rating to a “neutral” rating and set a $2.83 price objective on the stock in a research report on Tuesday, July 9th. They noted that the move was a valuation call. Finally, Williams Capital upgraded shares of Laredo Petroleum from a “hold” rating to a “buy” rating and boosted their price objective for the company from $4.00 to $5.50 in a research report on Thursday, May 16th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $6.51.
About Laredo Petroleum
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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