How Laredo Petroleum Inc (LPI) Stacks Up Against Its Peers

As one would reasonably expect, some big names have jumped into Laredo Petroleum Inc (NYSE:LPI) headfirst. Balyasny Asset Management, managed by Dmitry Balyasny, assembled the largest position in Laredo Petroleum Inc (NYSE:LPI). Balyasny Asset Management had $51 million invested in the company at the end of the quarter. Steve Cohen’s Point72 Asset Management also initiated a $22.2 million position during the quarter. The following funds were also among the new LPI investors: Benjamin A. Smith’s Laurion Capital Management, Todd J. Kantor’s Encompass Capital Advisors, and Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital.

Let’s now take a look at hedge fund activity in other stocks similar to Laredo Petroleum Inc (NYSE:LPI). We will take a look at InterOil Corporation (USA) (NYSE:IOC), Eastgroup Properties Inc (NYSE:EGP), Radian Group Inc (NYSE:RDN), and Coherent, Inc. (NASDAQ:COHR). This group of stocks’ market values are closest to LPI’s market value.

As you can see these stocks had an average of 19.75 hedge funds with bullish positions and the average amount invested in these stocks was $210 million. That figure was $461 million in LPI’s case. Radian Group Inc (NYSE:RDN) is the most popular stock in this table. On the other hand Eastgroup Properties Inc (NYSE:EGP) is the least popular one with only 8 bullish hedge fund positions. Laredo Petroleum Inc (NYSE:LPI) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard RDN might be a better candidate to consider a long position.