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W&T Offshore Stock Rises 35% So Far in September: What’s Up?

PART:
1 2 3 4 5 6 7 8 9 10
Part 9
W&T Offshore Stock Rises 35% So Far in September: What’s Up? PART 9 OF 10

Falling Short Interest in W&T Offshore: Will Downtrend End?

Short interest in W&T Offshore stock

As of August 30, 2017, W&T Offshore’s (WTI) total shares shorted (or short interest) was ~6.6 million, whereas its average daily volume is ~1.4 million. That means the short interest ratio for WTI stock is ~4.6x. W&T Offshore stock’s average daily volume is calculated for the short interest reporting period from August 16, 2017, to August 30, 2017. W&T Offshore’s short interest ratio has a 52-week high of 13.5x and a 52-week low of 3.0x.

Falling Short Interest in W&amp;T Offshore: Will Downtrend End?

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When looked at from the perspective of shares outstanding, the current short interest in W&T Offshore stock as a percentage of shares outstanding is ~4.8%. Since the start of 2017, short interest in W&T Offshore stock as a percentage of shares outstanding has decreased from ~8.7% to ~4.8% in 2017. During that time, WTI stock has fallen ~31.0%. So short sellers are reducing their short bets in WTI stock as the stock price fell, which could mean that WTI’s falling trend could come to an end. To know more about WTI stock’s recent price performance, refer to Part 1 of this series.

Putting WTI’s short interest in context

As of August 30, 2017, oil and gas exploration and production companies Consol Energy (CNX), Range Resources (RRC), and Southwestern Energy (SWN) had short interest as a percentage of shares outstanding of ~8.5%, ~13.6%, and ~8.3%, respectively. So short interest in W&T Offshore stock as a percentage of shares outstanding is on the lower side compared to other upstream stocks in the SPDR S&P Oil & Gas Exploration & Production ETF (XOP).

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