Short Interest in Weatherford International as of August 25
Investors’ short interest in Weatherford
As of August 25, 2017, Weatherford International’s (WFT) short interest as a percentage of its float was 13.8%. On June 30, 2017, short interest in WFT was 15.8%. So short sellers’ negative bets on WFT fell since June 30. Weatherford stock has risen ~9.0% since June 30, 2017. So short sellers reduced their bets on McDermott International (MDR) and don’t expect much downside in WFT stock.
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Short interest in WFT’s peers
By comparison, short interest in Flotek Industries (FTK) on August 25, 2017, has fallen 3.0% since June 30, 2017. Its stock fell 39.0% during that same period. So short sellers don’t expect to see any further downside in FTK stock.
Short interest in McDermott International (MDR) fell 1.0% since June 30, while its stock fell 18.0% during the same period. Short interest in Basic Energy Services (BAS) fell 28.0%, while its stock fell 40.0%. So short sellers cut their bets on MDR and BAS after June 30 and don’t see prices falling in these stocks. Read Market Realist’s BHGE, PTEN, and BAS: Did 2Q17 Results Impress Investors? in this context.
Weatherford versus industry ETFs
WFT constitutes 3.4% of the iShares US Oil Equipment & Services (IEZ). IEZ has fallen 20.0% in the past year compared to a 27.0% fall in WFT stock. WFT also accounts for 0.01% of the iShares Russell 3000 (IWV). Read more about oilfield equipment and service companies in Market Realist’s Which Oilfield Service Stocks Look Attractive after 2Q17?
Next, we’ll take a look at Weatherford’s correlation with the price of crude oil.