24/7 Wall St. has looked at the top oil and gas companies and seen some significant changes in the short interest in the sector. We have compared the August 29 results to the August 15 results and have added color if applicable.
BP PLC (NYSE: BP) saw its short interest for August 29 rise to 6,677,760 shares with 1.94 days to cover, from the previous reading of 5,939,205. The late-July short interest read at 4,348,059 shares and mid-July read at 5,319,982. The short interest levels in August had not been consecutively reached since February. The latest ruling of “gross negligence” may play a factor into the coming short interest reports as it could cost BP billions of dollars more.
Chevron Corp. (NYSE: CVX) saw its short interest for late-August rise to 20,337,113 shares with 6.38 days to cover, from the previous level of 18,987,282. The short interest for July 31 read at 19,877,842 shares and the prior reading was 18,662,963. Short interest levels reached a yearly high in June at 21,067,353, and it continues to chase and remain consistent around this level.
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ConocoPhillips (NYSE: COP) saw its short interest for the late August settlement date rise to 23,612,371 shares with 5,7 days to cover, from the previous level of 22,953,093. The July readings were 22,906,601 shares for the 31st and 25,379,340 for the 15th. Short interest fluctuated to a calendar year high in June of 26,186,878. Previous levels above 26 million have not been seen since last September.
Exxon Mobil Corp. (NYSE: XOM) saw its short interest for the end of August rise to 46,535,525 shares with 6.2 days to cover, from the previous level of 45,331,471. The late-July short interest read at 46,134,188 shares and the mid-July short interest was 47,024,630. On the year, short interest has risen as high as nearly 57 million, but currently the short interest is hovering only just above its lowest levels, even if ticked higher in this most recent report.
Occidental Petroleum Corp. (NYSE: OXY) saw its short interest for August 29 fall to 8,452,295 shares with 3.15 days to cover, from the previous level of 9,178,432. The late-July short interest was 8,546,481 shares, compared to mid-July at 9,206,020. The yearly high was posted in April at 11,070,384. Since that spike, short interest has remained consistently in the range of 8 million to 9 million.
Petróleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest for late-August rise to 29,251,921 shares with 1.03 days to cover, from the previous level of 23,885,560. July had short interest levels of 24,470,141 shares for the 31st and 24,730,846 for the 15th. This year in short interest has been very volatile for Petrobras, ranging from 21 million in November to 66 million in March. Petrobras is a wild card because it is acting around election trends in Brazil more than around the price of oil, but that will not last forever.
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