Energy

Short Sellers Hold Their Ground on Energy Stocks

HeliRy / Getty Images

Crude oil traded around $61 a barrel early Thursday. Over the past month, the price of West Texas Intermediate (WTI) crude for immediate delivery has recovered about $10 a barrel, but still a little short of a high near $63 a barrel in mid-May.

Of the companies we watch, short interest rose on two of six energy stocks during the two-week reporting period ending June 28.

Chevron Corp. (NYSE: CVX) saw short interest rise by 6% to 19.15 million shares, which represents about 1% of the company’s float. Days to cover remained unchanged at two. In the two-week short interest period, the stock’s share price increased by about 2.6%. The stock’s 52-week range is $100.22 to $128.55, and it closed at $125.44 on Wednesday, up about 1.7% for the day.

Exxon Mobil Corp. (NYSE: XOM) short interest fell by 6% to 33.1 million shares, or 0.8% of the company’s float. In the two weeks to June 28, the share price increased by about 2.3%. The stock’s 52-week range is $64.65 to $87.36, and it closed at $77.51 on Wednesday, up about 1.4% for the day. Days to cover remained unchanged at three.

BP PLC (NYSE: BP) saw a decrease of 11% in short interest during the two-week period. Some 0.1% of the total float, or 3.73 million American depositary shares, were short, and days to cover remained at one. The company’s shares traded up by about 2.5% over the period, and they closed Wednesday at $41.22, up about 0.7% for the day, in a 52-week range of $36.28 to $47.16.

ConocoPhillips (NYSE: COP) short interest fell by 2% in the final two weeks of June. Some 8.58 million shares were short, representing about 0.8% of the company’s total float. Days to cover remained unchanged at one, and the stock price rose by 4% during the period. Shares closed Wednesday at $61.21, up by about 2.2% for the day, in a 52-week range of $56.75 to $80.24.

Petróleo Brasileiro S.A. (NYSE: PBR), or Petrobras, posted a drop of 10% in short interest during period. Some 31.08 million shares were short as of June 28, about 0.8% of the total float. The stock closed at $16.28 on Wednesday, up by about 1.4% for the day, in a 52-week range of $10.16 to $17.90. Shares traded up by about 2.9% in the short interest period, and days to cover remained unchanged at about two.

Occidental Petroleum Corp.’s (NYSE: OXY) saw short interest rise by 7% to 41 million shares. Days to cover remained unchanged at four, and about 5.5% of the company’s shares were short. In the latter half of June, the share price rose by about 0.5%. The stock’s 52-week range is $47.00 to $85.08, and shares closed Wednesday at $50.24, up by about 1.3% for the day.


Get Ready To Retire (Sponsored)

Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.

Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future

Get started right here.

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