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Has Pioneer Natural Resources Stock Started a New Uptrend?

PART:
1 2 3 4 5
Part 4
Has Pioneer Natural Resources Stock Started a New Uptrend? PART 4 OF 5

Does Falling Short Interest in PXD Mean Downtrend Could End Soon?

Short interest in Pioneer Natural Resources stock

As of August 30, 2017, Pioneer Natural Resources’ (PXD) total shares shorted (or short interest) stood at ~4.0 million, whereas its average daily volume is ~2.5 million. This means that the short interest ratio for PXD stock was ~1.56x. As of August 30, PXD’s short interest ratio is at a 52-week low. Pioneer Natural Resources’ short interest ratio has a 52-week high of 4.34x. Here, Pioneer Natural Resources stock’s average daily volume is calculated for the short interest reporting period from August 15, 2017, to August 30, 2017.

Does Falling Short Interest in PXD Mean Downtrend Could End Soon?

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From the perspective of shares outstanding, current short interest in Pioneer Natural Resources stock as a percentage of shares outstanding is at ~2.3%. Since the start of 2017, short interest in Pioneer Natural Resources stock as a percentage of shares outstanding has fallen from ~3.1% to ~2.3% in 2017. PXD’s stock has fallen ~28%. This means that short sellers reduced their short bets in PXD as its stock fell, which could mean that they feel that PXD’s falling trend might come to an end. To know more about PXD stock’s recent price performance, refer to part one of this series.

Putting PXD’s short interest in context

As of August 30, 2017, other oil and gas exploration and production companies like California Resources (CRC), Range Resources (RRC), and Southwestern Energy (SWN) had short interest as a percentage of shares outstanding of ~40.7%, ~13.6%, and ~8.3%, respectively. Thus, short interest in Pioneer Natural Resources stock as a percentage of shares outstanding is on the lower side when compared with those of many other oil and gas stocks from the SPDR S&P Oil and Gas Exploration & Production ETF (XOP).

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