Is Marathon Oil’s Downtrend about to End?
Short interest in Marathon Oil stock
As of August 30, 2017, Marathon Oil’s (MRO) total shares shorted (or short interest) stood at ~47.21 million. Its average daily volume is ~6.82 million. The short interest ratio for Marathon Oil stock was ~2.88x. The stock’s average daily volume is calculated for the short interest reporting period from August 15, 2017, to August 30, 2017. Marathon Oil’s short interest ratio has a 52-week high of 5.00x and 52-week low of 2.14x.
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From the perspective of shares outstanding, the current short interest in Marathon Oil stock as a percentage of shares outstanding is ~4.8%. Since the beginning of 2017, the short interest in Marathon Oil stock as a percentage of shares outstanding has fallen from ~5.3% to ~4.8% in 2017. During this time, Marathon Oil stock has fallen ~34%. Short sellers are reducing their short bets in Marathon Oil as its stock falls. It could mean that short sellers think that Marathon Oil’s falling trend might come to an end. To learn more about how Marathon Oil stock performed recently, refer to Part 1 in this series.
Putting the 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 ~40.70%, ~13.6%, and ~8.3%, respectively. The short interest in Marathon Oil stock as a percentage of shares outstanding is on the lower side compared to many other upstream stocks from the SPDR S&P Oil and Gas Exploration & Production ETF (XOP).
To learn more about what happened in the energy sector last week, read Your Energy Sector Update for the Week Ended September 15.