Analyzing Short Interest Trends in ConocoPhillips’s Stock

As of July 14, 2017, ConocoPhillips’s (COP) total shares shorted (or short interest) stood at ~31.48 million, whereas its average daily volume is ~5.91 million.

Nicholas Chapman - Author
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Aug. 2 2017, Updated 10:37 a.m. ET

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Short Interest in ConocoPhillips’s stock

As of July 14, 2017, ConocoPhillips’s (COP) total shares shorted (or short interest) stood at ~31.48 million, whereas its average daily volume is ~5.91 million. This difference means short interest ratio for COP’s stock is ~3.77x. Here, the average daily volume is calculated for the short interest reporting period from July 1 to July 14, 2017.

  • ConocoPhillips’s short interest ratio has a 52-week high of 3.77x and 52-week low of 1.79x
  • ConocoPhillips’s short interest as a percentage of 20-day average volume, 90-day average volume, and 180-day average volume is 4.22x, 3.83x, and 4.07x, respectively.
  • When we come from a perspective of shares outstanding, we see that current short interest in ConocoPhillips’s stock as a percentage of shares outstanding is at ~2.55%.
  • Short interest in ConocoPhillips’s stock as a percentage of shares outstanding is on the lower side compared with many other upstream stocks from the SPDR S&P Oil and Gas Exploration & Production ETF (XOP).
  • As you can see in the above chart, short interest in ConocoPhillips’s stock as a percentage of shares outstanding has risen from ~1.17% to ~2.55% in 2017 despite a ~13% decline in COP’s stock price during the same period. To learn more about COP’s recent price performance, see the previous part of this series.
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Other upstream players

Other oil and gas exploration and production companies like Devon Energy (KOS), W&T Offshore (WTI), and Marathon OIl (MRO) have short interest as a percentage of shares outstanding of ~2.0%, ~7.4%, and ~6.1%, respectively. Just like ConocoPhillips, both Devon Energy and Marathon Oil saw an increase in their short interest in the last month. 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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