Energy

Short Sellers Chase One Major Oil and Gas Stock

dszc / Getty Images

Crude oil traded around $25.55 a barrel early Tuesday, higher by more than $10 a barrel over the past two weeks. Fears of a longer, deeper glut of crude have been receding as stay-at-home orders related to the COVID-19 pandemic are being lifted and workers around the world return to their jobs.

Of the companies we watch, short interest decreased on three of six energy stocks during the two-week reporting period ending April 30.

Chevron Corp. (NYSE: CVX) saw short interest rise by 13% to 22.8 million shares, which represents about 1.2% of the company’s float. Days to cover rose from one to two. In the two-week short interest period, the stock’s share price rose by 11.3%. Its 52-week range is $51.60 to $127.00, and it traded at $93.05 on Tuesday.

Exxon Mobil Corp.’s (NYSE: XOM) short interest declined by 1.0% to 58.8 million shares, or about 1.4% of the company’s float. In the two weeks to April 30, the share price rose by about 14.8%. The stock’s 52-week range is $30.11 to $77.93 and it traded at $44.99 on Tuesday.

BP PLC (NYSE: BP) saw an increase of 34% in short interest during the latter half of April. About 0.4% of the total float, or 12.1 million American depositary shares (ADSs), were short, and days to cover remained at one. The company’s shares traded up by 4.2% over the two-week period, and they traded on Monday at $23.60, in a 52-week range of $15.51 to $43.00.

ConocoPhillips (NYSE: COP) short interest fell by 13.0% in the two weeks to April 30. Some 14.1 million shares were short, representing about 1.3% of the company’s total float. Days to cover remained at two, and the stock price soared by 30.8% during the period. Shares traded Tuesday at $42.50, in a 52-week range of $20.84 to $67.13.

Petróleo Brasileiro S.A. (NYSE: PBR), or Petrobras, short interest rose by 8.0% during the period. Some 45.9 million ADSs were short as of April 30, about 1.1% of the total float. They traded at $6.75 on Tuesday, in a 52-week range of $4.01 to $16.95. Shares rose by around 9.3% in the two-week short interest period, and days to cover remained at one.

Occidental Petroleum Corp. (NYSE: OXY) saw short interest dip by 5.0% to 70.0 million shares. Days to cover dipped from three to two, and about 1.1% of the company’s shares were short. In the final two weeks of April, the share price rose by nearly 22%. Its 52-week range is $9.00 to $60.73, and shares traded Tuesday at $15.10.

Credit Card Companies Are Doing Something Nuts

Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.

It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.

We’ve assembled some of the best credit cards for users today.  Don’t miss these offers because they won’t be this good forever.

 

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.