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How ConocoPhillips Stock Performed Last Week

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Part 3
How ConocoPhillips Stock Performed Last Week PART 3 OF 4

Analyzing Short Interest in ConocoPhillips Stock

Short interest in ConocoPhillips stock

On June 15, 2017, ConocoPhillips’s (COP) total shares shorted (or short interest) stood at ~31.3 million, whereas its average daily volume was ~7.6 million. 

Therefore, COP’s short interest ratio was ~1.9x. The 52-week range for COP’s short interest ratio was 1.79x–3.66x.

Analyzing Short Interest in ConocoPhillips Stock

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The current short interest in COP stock as a percentage of its shares outstanding is ~2.5%. This amount is on the low side compared to the other crude oil (USO) and natural gas (UNG) exploration and production companies that make up the SPDR S&P Oil & Gas Exploration & Production ETF (XOP).

Since the start of 2017, short interest in ConocoPhillips stock as a percentage of its shares outstanding has risen from ~1.2% to ~2.5%, despite the ~9% fall in its stock price.

ConocoPhillips’s moving averages

Currently, COP is trading below its 200-day and 50-day moving averages. On July 10, 2017, COP’s stock price closed at $43.24, whereas its 200-day and 50-day moving averages stood at $46.40 and $45.50, respectively. 

As we can see, COP’s 50-day moving average is currently below its 200-day moving average, which is a bearish sign. COP’s stock price is also stretched below its 200-day moving average.

Other upstream players

Other upstream companies such as EOG Resources (EOG), Occidental Petroleum (OXY), and PE Energy (PE) have short interests as percentages of their shares outstanding of ~1.4%, ~1.9%, and ~3.8%, respectively. The Direxion Daily Energy Bull 3X ETF (ERX) is a leveraged ETF that invests in domestic companies from the energy sector.

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