RTTNews | Aug 23, 2021 10:22AM EDT

10:21 Monday, August 23, 2021 (RTTNews.com) - Shares of Laredo Petroleum Inc. (LPI) are surging over 9%, after reporting a narrower loss for the second quarter, reflecting strong revenue growth.

The stock, which has been trading in the range of $7.71 - $99.26 for the past one year, is currently trading at $41.47, up $3.63 or 9.58%. Trading volume is rising over 300K versus an average volume of 698K shares.

The company's Q2 net loss was $132.7 million or $10.47 per share compared to a loss of $545.5 million or $46.75 per share in the prior year period.

Adjusted non-GAAP net income was $22.0 million or $1.71 per share versus $28.4 million or $2.43 per share reported a year ago.

Total revenues amounted to $294.4 million, higher than the previous year's revenue of $110.6 million.

Analysts polled by Thomson Reuters expected earnings of $2.46 per share on revenue of $294.37 million for the quarter. Analysts' estimate typically exclude certain special items.

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