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Uptrend in ConocoPhillips Stock Might Take a Breather

PART:
1 2 3 4
Part 4
Uptrend in ConocoPhillips Stock Might Take a Breather PART 4 OF 4

ConocoPhillips: Are Short Sellers Confident about the Rally?

Short interest in ConocoPhillips stock

As of October 31, 2017, ConocoPhillips’s (COP) total shares shorted (or short interest) stood at ~26.17 million, while its average daily volume is ~5.72 million. It means that the short interest ratio for ConocoPhillips stock is ~4.57x. In the first half of October, the short interest ratio for ConocoPhillips stock made a new 52-week high of 5.59x. Its short interest ratio has a 52-week low of 1.79x. The stock’s average daily volume is calculated for the short interest reporting period from October 16, 2017, to October 31, 2017.

ConocoPhillips: Are Short Sellers Confident about the Rally?

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Currently, the short interest in ConocoPhillips stock as a percentage of shares outstanding is ~2.2%. Since the beginning of ConocoPhillips stock’s rally in September, the short interest in ConocoPhillips stock as a percentage of shares outstanding has fallen from ~2.7% to ~2.2% in eight weeks. During this time, ConocoPhillips stock rose ~17%. Short sellers reduced their short bets on ConocoPhillips stock as the stock price increased. Short sellers might think that the rally in ConocoPhillips stock could rise more. For more about ConocoPhillips stock’s recent price performance, read Part 1 in this series.

Short interest in context

As of October 31, 2017, other oil and gas exploration and production companies like California Resources (CRC), Range Resources (RRC), and Southwestern Energy (SWN) have short interest as a percentage of shares outstanding of ~32.5%, ~13.9%, and ~8.3% respectively. The short interest in ConocoPhillips stock as a percentage of shares outstanding is lower compared to many other upstream stocks from the SPDR S&P Oil and Gas Exploration & Production ETF (XOP).

For more on crude oil (USO) (USL), natural gas (UNG) (BOIL), and energy ETFs, read How US Crude Oil’s Rise Could Push Energy Stocks Higher.

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