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Is W&T Offshore's Stock Rally about to Take a Breather?

PART:
1 2 3 4 5
Part 4
Is W&T Offshore's Stock Rally about to Take a Breather? PART 4 OF 5

What the Short Interest in W&T Offshore Tells Us

WTI’s falling short interest

On September 15, 2017, W&T Offshore (WTI) total shares shorted (or short interest) stood at ~6.3 million, while its average daily volume was ~2.3 million. This means that the short interest ratio for WTI stock was most recently ~2.7x. Last week, WTI’s short interest ratio made a new 52-week low. Its 52-week high is 13.5.

W&T Offshore stock’s average daily volume has been calculated here for the short interest period from September 1, 2017, to September 15, 2017.

What the Short Interest in W&amp;T Offshore Tells Us

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The short interest in W&T Offshore stock as a percentage of shares outstanding is ~4.6%. Since the start of WTI’s stock rally in mid-August, the short interest in the stock has fallen from ~5.8% to ~4.6% in one month. During this time, WTI’s stock price has risen ~30%.

Short sellers have thus been reducing their short bets on WTI stock as the stock price has risen, which could mean that investors feel that the stock rally has more room to rise.

WTI’s short interest in context

As of September 15, 2017, oil and gas exploration and production peers California Resources (CRC), Range Resources (RRC), and Southwestern Energy (SWN) have short interest ratios of ~39.4%, ~15.1%, and ~7.8%, respectively.

Notably, the short interest in ConocoPhillips stock as a percentage of shares outstanding is on the lower side among its peer upstream stocks from the SPDR S&P Oil and Gas Exploration & Production ETF (XOP).

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