Crude oil traded around $41 a barrel early Monday, up by about a dollar a barrel over the past two weeks. COVID-19 continues to weigh on the U.S. economy, and the oil patch has been no exception. As of last Friday, nearly 700 U.S. wells had been shut-in as demand for motor fuel remains low.
Of the companies we watch, short interest decreased on all six energy stocks during the two-week reporting period ending July 15. Share prices increased on two of the stocks during the period.
Chevron Corp. (NYSE: CVX) saw short interest slip by 4.0% to 12.0 million shares, which represents about 0.6% of the company’s float. It would take those sellers two days to cover their short interest. In the two weeks through July 15, the stock’s share price fell by about 0.2%. Its 52-week range is $51.60 to $125.27, and it closed at $90.13 on Friday, up by about 1.0% for the day.
Exxon Mobil Corp. (NYSE: XOM) short interest fell by 1.0% to 52.7 million shares, or about 1.3% of the company’s float. In the short interest period, the share price fell by about 5.1%. The stock’s 52-week range is $30.11 to $75.66, and it closed at $43.43 on Friday, down by about 0.6% for the day.
BP PLC (NYSE: BP) saw a drop of 21.0% in short interest during the first half of July. About 0.9% of the total float, or 9.5 million American depositary shares (ADSs), were short, and days to cover remained at one. The company’s shares rose by about 2.1% over the two weeks, and shares closed down by about 1.3% Friday at $22.93 in a 52-week range of $15.51 to $40.23.
ConocoPhillips (NYSE: COP) short interest fell by 14.0% in the period. Some 9.7 million shares were short, representing about 0.9% of the company’s total float. Days to cover remained at two, and the stock price slipped by about 1.0% during the two weeks. Shares closed Friday at $40.28, down by about 0.4%, in a 52-week range of $20.84 to $67.13.
Petróleo Brasileiro S.A. (NYSE: PBR), or Petrobras, short interest dropped by 1.0% during the period. Some 38.2 million ADSs were short as of July 15, about 1.0% of the total float. They rose by 8.7% in the two-week short interest period, and days to cover remained at two. The stock closed at $9.00 on Friday, in a 52-week range of $4.01 to $16.84.
Occidental Petroleum Corp. (NYSE: OXY) saw short interest fall by 10.0% to 48.6 million shares. Days to cover remained at two, and about 5.3% of the company’s shares were short. In the two weeks to July 15, the share price fell by about 6.1%. The stock’s 52-week range is $9.00 to $54.05, and shares closed Friday at $16.74, down by about 0.5% for the day.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
