Oil and Gas Short Sellers Seek Direction

By Paul Ausick Published Dec 10, 10:56AM EST

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Oil and Gas Short Sellers Seek Direction — © dszc / E+ via Getty Images

Crude oil traded around $47.20 a barrel Thursday morning, up by about $1.70 (about 3.7%) a barrel over the past week. The price of crude had traded between about $45.20 and $46.50 for the past week.

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

Chevron Corp. (NYSE: CVX | CVX Price Prediction) saw short interest rise by 12% to 16.5 million shares, which represents about 1.1% of the company’s float. Days to cover remained at two. In the two-week short interest period, the share price rose by about 6.5%. The stock’s 52-week range is $51.60 to $122.72, and it closed at $90.44 on Wednesday.

Exxon Mobil Corp. (NYSE: XOM) short interest dropped by 7% to 47.4 million shares, or about 1.1% of the company’s float. Days to cover remained at two. In the two weeks to November 30, the share price rose by 5.7%. The 52-week trading range is $30.11 to $71.37, and shares closed at $42.80 on Wednesday.

[nativounit]

BP PLC (NYSE: BP) saw a drop of 20% in short interest during the two-week period. About 0.2% of the total float, or 6.5 million American depositary shares, were short, and days to cover remained at one. The company’s shares rose by about 4% over the period, and they closed Wednesday at $21.90, in a 52-week range of $14.74 to $40.08.

ConocoPhillips (NYSE: COP) short interest increased by 12% in the latter half of November. Some 38.8 million shares were short, representing about 3.6% of the company’s total float. Days to cover remained at four, and the stock price rose by nearly 12% during the two weeks. Shares closed Wednesday at $42.70, in a 52-week range of $20.84 to $67.13.

Petróleo Brasileiro S.A. (NYSE: PBR) short interest fell by 22% during the two-week period. Some 26.4million ADSs were short as of November 30, about 0.7% of the total float. Petrobras closed at $10.56 on Wednesday, in a 52-week range of $4.01 to $16.30. It added 12.2% in the two-week short interest period, and days to cover remained at two.

Occidental Petroleum Corp. (NYSE: OXY) saw short interest increase by 2% to 35.3 million shares. Days to cover remained at two, and about 3.7% of the company’s shares were short. In the two weeks to November 30, the share price jumped by more than 33%. The stock’s 52-week range is $8.52 to $47.58, and shares closed Wednesday at $19.39.

[recirclink id=824045]
[wallst_email_signup]

About the Author Paul Ausick →

Paul Ausick has been writing for a673b.bigscoots-temp.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.