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Which Upstream Stocks Lead in Short Interest?

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Upstream stocks’ short interest-to-equity float ratios

On August 19, 2016, California Resources (CRC) had the highest short interest-to-equity float ratio at ~28.8% among the upstream stocks that are part of the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). One month ago, it was ~25.8% and three months ago, it was ~10.6%.

California Resources’ short interest-to-equity float ratio has been following a rising trend for the last three months. During this period, the stock has fallen by 18.2%. The company’s net debt-to-EBITDA (earnings before interest, tax, depreciation, and amortization) ratio is 7.2x. Its cash and cash equivalents were ~$2 million in 2Q16.

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Cobalt International Energy fell the most

Cobalt International Energy’s (CIE) short interest-to-equity float ratio is ~16.4%. One month ago, it was ~16% and three months ago, it was 8.7%. Its cash and cash equivalents were ~$383.90 million in 2Q16. The company’s stock has fallen by approximately -46.4% in the last three months—the largest fall among upstream stocks.

Currently, Continental Resources’ (CLR) short interest-to-equity float ratio is ~24.7%. One month ago, it was ~24.4% and three months ago, it was ~27.7%. In the last three months, the stock has risen ~18.9%. Continental Resources’s net debt-to-EBITDA ratio was 3.7x in 2Q16 and its cash and cash equivalents were $16.60 million.

Sanchez Energy’s (SN) short interest-to-equity float ratio is ~22.3%. One month ago, it was ~21.1% and three months ago, it was ~12.1%. Its net debt-to-EBITDA ratio is 3.6x and its cash and cash equivalents were $324.40 million in 2Q16. The stock has risen 13.4% in the last three months.

Denbury Resources’ (DNR) short interest-to-equity float ratio is ~19.3%. One month ago, it was 22.4% and three months ago, it was ~16.7%. Its net debt-to-EBITDA ratio is ~3.6x. Its cash and cash equivalents were $2.60 million in 2Q16. The stock has returned approximately -21.3% in the last three months.

Oasis Petroleum (OAS) and Matador Resources (MTDR) have short interest-to-equity float ratios of ~16.2% and ~15.9%, respectively

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