Short Sellers Looking for Cover in Oil and Gas

Energy

Published: May 12, 2015 12:30 pm

Short interest for the April 30 settlement date has been released. Sterne Agee CRT took this into account and collected the largest movers in short interest in its domestic exploration and production (E&P) coverage universe. 24/7 Wall St. organized the data from Sterne Agee CRT’s report, along with some color on where the stock is moving within its 52-week range.

According to Sterne Agee CRT’s report:

Short interest for our coverage group of 20 securities decreased 3.7% over the back half of April. Aggregate short interest from a broad list of 60 E&P companies decreased 2.6% over the back half of April. This decrease came amid a -1.0% return for the S&P Exploration & Production ETF (XOP) over the same period. Only five of our twenty coverage companies saw an increase in short interest.

The largest increases in short interest included PetroQuest Energy Inc. (NYSE: PQ), Chesapeake Energy Corp. (NYSE: CHK) and Ultra Petroleum Corp. (NYSE: UPL).

PetroQuest saw its short interest increase 12.7% to 4.6 million shares (7.0% of shares outstanding, 9.5 days to cover). The previous reading was 4.1 million. Shares of PetroQuest were up about 2.4% at $2.15 Tuesday, in a 52-week trading range of $1.95 to $7.82.

Chesapeake Energy had an increase of 3.0% in its short interest to 151.6 million shares (22.8% of shares outstanding, 6.5 days to cover). The reading for the previous settlement date was 147.2 million. Shares of Chesapeake were up 3.1% at $15.65, within a 52-week trading range of $13.38 to $29.92.

Ultra Petroleum had an increase of 1.9% to 28.0 million shares short (18.3% of shares outstanding, 12.1 days to cover). The previous reading was 27.5 million. Shares of Ultra Petroleum were up 1.6%, at $16.30 in a 52-week trading range of $11.31 to $30.18.

ALSO READ: Short Sellers Worry That the Bottom in Oil Has Been Seen

The largest decreases in short interest included Approach Resources Inc. (NASDAQ: AREX), Occidental Petroleum Corp. (NYSE: OXY) and Denbury Resources Inc. (NYSE: DNR).

Approach Resources had the largest decrease in short interest, 22.2% to 6.2 million shares (15.2% of shares outstanding, 4.9 days to cover). The reading for the April 15 settlement date was 7.9 million. Shares of Approach Resources were up 3.6%, at $7.76 in a 52-week trading range of $4.28 to $23.07.

Occidental Petroleum saw its short interest decrease by 21.1% to 9.2 million shares (1.2% of shares outstanding, 2.1 days to cover). The previous reading was 11.6 million. Shares of Occidental were up 0.2%, at $76.83 within a 52-week trading range of $71.70 to $101.38.

Denbury Resources had a decrease of 15.4% in its short interest to 33.8 million shares (9.5% of shares outstanding, 2.8 days to cover). The previous reading was 40.0 million. Shares of Denbury were up 1.4%, at $9.41 on a 52-week trading range of $6.04 to $18.59.

The Average American Has No Idea How Much Money You Can Make Today ^(Sponsor)

The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.

But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

¹https://www.fdic.gov/national-rates-and-rate-caps