Crude oil traded around $33.50 a barrel early Wednesday, down by about $14 in the past week after posting a new 52-week low of $27.34 Monday. The failure of Saudi Arabia and Russia to agree on further production led the Saudis to launch a price war that has dropped crude prices to multidecade lows.
Of the companies we watch, short interest increased on four of six energy stocks during the two-week reporting period ending February 28. Global concerns related to the economic impact of the coronavirus epidemic have hit oil prices hard, and the price war is only making a bad situation worse. Annual lows for all these companies were posted on Monday.
Chevron Corp. (NYSE: CVX) saw short interest tumble by more than 21% to 16.67 million shares, which represents about 0.9% of the company’s float. Days to cover fell from three to two. In the two-week short interest period, the stock’s share price fell by about 15.9%. Its 52-week range is $80.00 to $127.34, and it closed at $84.98 on Tuesday, up by about 5.3% for the day.
Exxon Mobil Corp.’s (NYSE: XOM) short interest rose by 13.9% to 44.78 million shares, or about 1.1% of the company’s float. In the two weeks to February 28, the share price fell by about 16.1%. The stock’s 52-week range is $40.80 to $83.49, and it closed at $43.41 on Tuesday, up by about 3.7%for the day. Days to cover remained at two.
BP PLC (NYSE: BP) saw an increase of 13.7% in short interest during the period. About 0.2% of the total float, or 7.16 million American depositary shares (ADSs), were short, and days to cover remained less than one. The company’s shares traded down by 13.3% over the two weeks, and shares closed Tuesday at $26.79, up by nearly 6% for the day, in a 52-week range of $24.20 to $45.38.
ConocoPhillips (NYSE: COP) short interest tumbled by 21% in the latter half of February. Some 10.4 million shares were short, representing about 1% of the company’s total float. Days to cover remained at two, and the stock price dropped by 17.9% during the period. Shares closed Tuesday at $34.88, up by about 2.4% for the day, in a 52-week range of $32.00 to $69.60.
Petróleo Brasileiro S.A. (NYSE: PBR), or Petrobras, short interest soared by 61.4% during the period. Some 26.7 million ADSs were short as of February 28, less than 1% of the total float. They closed at $8.01 on Tuesday, up more than 10% for the day, in a 52-week range of $7.04 to $17.90. Shares traded down by around 18.3% in the two-week short interest period, and days to cover remained at one.
Occidental Petroleum Corp. (NYSE: OXY) saw short interest rise by about 2.4% to 24.21 million shares. Days to cover remained at two, and about 2.7% of the company’s shares were short. In the two weeks to February 28, the share price rose by more than 22%. The stock’s 52-week range is $12.04 to $68.83, and shares closed Tuesday at $14.34, down by nearly 15% for the day. The company on Tuesday announced a dividend cut, less capex spending, and other unspecified measures to reduce costs.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
