In a new filing with the U.S. Securities and Exchange Commission, SPO Advisory Corp, led by John H. Scully, disclosed boosting its passive stake in Laredo Petroleum Inc (NYSE:LPI). In a separate filing, Orange Capital, led by Daniel Lewis, revealed upping its activist stake in Bellatrix Exploration Ltd (NYSE:BXE). SPO Advisory increased its position in Laredo Petroleum Inc (NYSE:LPI) to 13.45 million shares from 4.19 million shares the fund held previously. The stake equates to 6.3% of the company’s outstanding common stock. In the second filing, Orange Capital raised its activist stake in Bellatrix Exploration Ltd (NYSE:BXE) to 31.51 million shares from 28.15 million shares held at the end of March. The new stake is equal to 16.4% of the company’s outstanding common shares.
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SPO Advisory is a value investing fund founded 1991 by John Scully, the late William Patterson, and William Oberndorf. SPO Advisory holds a very concentrated portfolio, with just 13 long positions. The fund focuses on consumer, energy, technology, and finance stocks. The fund’s top three holdings, in terms of value, are represented by Equinix Inc (NASDAQ:EQIX), Charter Communications, Inc. (NASDAQ:CHTR), and Pioneer Natural Resources (NYSE:PXD).
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Laredo Petroleum Inc (NYSE:LPI), is a $2.86 billion independent energy company engaged in the exploration and development of oil and natural gas properties in the United States. For the first quarter of 2015, Laredo Petroleum Inc (NYSE:LPI) reported a net loss of $472,000, versus a loss of $213,000 in the same quarter last year. During the the most recent quarter, the company produced a record 47,487 barrels of oil equivalent (BOE) per day, representing an increase of about 47% compared to last year. Shares of Laredo have gained 27.12% year-to-date, a substantial increase from the industry average of just 2.45%.