Jim Cramer Is Bearish On These 5 Stocks

4. Laredo Petroleum, Inc. (NYSE:LPI)

Number of Hedge Fund Holders: 20

Laredo Petroleum, Inc. (NYSE:LPI) is an Oklahoma-based independent energy company that specializes in the acquisition, exploration, and development of oil and natural gas properties in the Permian Basin of West Texas. About Laredo Petroleum, Inc. (NYSE:LPI), Cramer said in a December 21 Lightning Round:

“Laredo is a second-rate oil producer. I prefer very much that you buy Pioneer, PXD, which I think is much stronger and the Charitable Trust owns it.”

On December 12, Raymond James analyst John Freeman lowered the price target on Laredo Petroleum, Inc. (NYSE:LPI) to $63 from $75 and maintained an Outperform rating on the shares. Laredo Petroleum, Inc. (NYSE:LPI) did not have the best quarter after experiencing some operational challenges, and subsequently shifted production guidance for the year lower due to offset fracs causing lackluster performance, the analyst told investors in a research note. 

According to Insider Monkey’s Q3 data, 20 hedge funds were bullish on Laredo Petroleum, Inc. (NYSE:LPI), compared to 24 funds in the last quarter. Israel Englander’s Millennium Management is the biggest position holder in the company, with 576,157 shares worth $36.2 million.