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These Integrated Energy and Refiner Stocks Lead in Short Interest

PART:
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Part 2
These Integrated Energy and Refiner Stocks Lead in Short Interest PART 2 OF 3

Analyzing the Returns of Integrated Energy and Refiner Stocks

Integrated energy companies and refiners with high implied volatility

As we discussed in the previous part of this series, Alon USA Partners (ALDW) has the highest implied volatility figure among the integrated energy companies and refiners we’re looking at in this series as of October 20, 2016. Its stock has fallen 62.7% on a YTD (year-to-date) basis. In the past five days, it has risen 2.2%.

Analyzing the Returns of Integrated Energy and Refiner Stocks

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As the above table shows, the YTD returns of the integrated energy companies and refiners with the highest volatilities are as follows:

  • Alon USA Energy (ALJ): -45.1%
  • CVR Refining (CVRR): -52.6%
  • Imperial Oil (IMO): 0.4%
  • Calumet Specialty Products Partners (CLMT): -80.2%

Below are the five-day returns for these stocks:

  • Alon USA Energy (ALJ): -5.3%
  • CVR Refining (CVRR): 1.9%
  • Imperial Oil (IMO): -0.6%
  • Calumet Specialty Products Partners (CLMT): -1%

These stocks except Imperial Oil (IMO) have seen large drops on a YTD basis, which might help explain their high volatilities.

Integrated energy companies and refiners with low implied volatility

As we saw in the previous part of this series, ExxonMobil (XOM) has the lowest implied volatility figure among the integrated energy companies and refiners we’re reviewing in this series as of October 20. Below are the YTD returns for the integrated energy companies and refiners that we identified as having low implied volatility:

  • ExxonMobil: 11.9%
  • Chevron (CVX): 13.2%
  • Royal Dutch Shell (RDS.A): 11.4%
  • BP (BP): 15.3%
  • Total SA (TOT): 8%

Now, let’s look at the five-day returns for these stocks:

  • ExxonMobil: 0.8%
  • Chevron: 1.1%
  • Royal Dutch Shell: 0.9%
  • BP: 1%
  • Total SA: 0.9%

As you can see from the above analysis, the stocks with high volatility have fallen more than the stocks with low volatility. The low volatility stocks have gained YTD in the last five days. These low volatility stocks showed relatively steadier returns on a YTD basis.

In the next part, we’ll look at the integrated energy and refining stocks with the highest short interest.

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