Crude oil traded around $23.30 a barrel early Monday, down by about 15% over the past five trading sessions. The agreement among oil-producing nations will cut 9.7 million barrels of daily production, but that’s not going to be enough to provide traders with the confidence that short-term prices will rise.
Of the companies we watch, short interest decreased on four of six energy stocks during the two-week reporting period ending March 31. Global concerns related to the economic impact of the coronavirus epidemic have hit oil prices hard, and the price war is only made a bad situation worse.
Chevron Corp. (NYSE: CVX) saw short interest tumble by 23% to 16.63 million shares, which represents about 0.9% of the company’s float. Days to cover remained at two. In the two-week short interest period, the stock’s share price fell by more than 13%. Its 52-week range is $51.60 to $127.00, and it traded near $85 a share Monday morning.
Exxon Mobil Corp. (NYSE: XOM) short interest slip by 3.0% to 65.87 million shares, or about 1.6% of the company’s float. In the two weeks to March 31, the share price fell by about 0.4%. The stock’s 52-week range is $30.11 to $83.49, and it traded at around $43 early Monday.
BP PLC (NYSE: BP) saw an increase of 23.0% in short interest during the two-week period. About 0.5% of the total float, or 17.43 million American depositary shares (ADSs), were short, and days to cover remained at one. The company’s shares traded up by 10.1% over the period, and they were trading near $25, in a 52-week range of $15.51 to $45.29.
ConocoPhillips (NYSE: COP) short interest rose by 3.0% in the final two weeks of March. Some 13.73 million shares were short, representing about 1.3% of the company’s total float. Days to cover remained at two, and the stock price dropped by 1.8% during the period. Shares traded early Monday above $34, in a 52-week range of $20.84 to $67.42.
Petróleo Brasileiro S.A. (NYSE: PBR), or Petrobras, short interest fell by about 7.0% during the two-week period. Some 41.95 million ADSs were short as of March 31, just over 1.0% of the total float. They traded below $7 apiece on Monday, in a 52-week range of $4.01 to $16.950. The share price retreated around 16.4% in the short interest period, and days to cover remained at one.
Occidental Petroleum Corp. (NYSE: OXY) saw short interest soar by 51.0% to 77.06 million shares. Days to cover remained at three, and about 2.7% of the company’s shares were short. Between the settlement dates, the share price fell by 18.8%. The stock’s 52-week range is $9.00 to $65.25, and shares were last seen trading below $16.
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.