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National Oilwell Varco: Valuation, Analysts' Ratings, and More

PART:
1 2 3 4 5 6 7
Part 4
National Oilwell Varco: Valuation, Analysts' Ratings, and More PART 4 OF 7

Short Interest in National Oilwell Varco on September 8

Short interest in National Oilwell Varco

As of September 8, 2017, the short interest in National Oilwell Varco (NOV) as a percentage of its float was 7.1%—compared to 7.3% as of June 30, 2017. Since 2Q17, the short interest in National Oilwell Varco has fallen 3% as of September 8. Since June 30, 2017, National Oilwell Varco’s stock price has fallen ~3%. So, investors cut negative bets on National Oilwell Varco. They don’t see a drop in National Oilwell Varco’s stock price to warrant holding onto their shorts or adding to them. As noted in the following graph, National Oilwell Varco’s stock price and short interest as a percentage of float have been inversely related since September 2015.

The short interest as a percentage of float in National Oilwell Varco fell from 13.2% in April 2016 to 7.3% currently. During this period, National Oilwell Varco’s stock price rose 12%. National Oilwell Varco accounts for 5.9% of the iShares US Oil Equipment & Services ETF (IEZ). Since June 30, IEZ has fallen 6%.

Short Interest in National Oilwell Varco on September 8

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Peers’ short interest

The short interest in Oceaneering International (OII) has fallen 18% since June 30, 2017, while its stock price has risen 7%. So, investors cut negative bets on Oceaneering International. They don’t see a drop in Oceaneering International’s stock price to warrant holding onto their shorts or adding to them. The short interest in McDermott International (MDR) has fallen 1% since June 30, while its stock price has fallen 12%.

The short interest in Precision Drilling (PDS) has fallen 16% since June 30, while its stock price has fallen 23%. So, investors cut negative bets on Precision Drilling. They don’t see much drop in the stock prices.

In the next part, we’ll discuss National Oilwell Varco’s implied volatility.

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