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Upstream Stocks’ Short Interest-to-Equity Float Ratios

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Upstream stocks’ short interest-to-equity float ratios

On September 23, 2016, California Resources (CRC) had the highest short interest-to-equity float ratio at ~33.2% among the upstream stocks that are part of the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). One month ago, it was ~32.8%. Three months ago, it was ~18.2%. 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 23.2%—the largest fall among upstream stocks. 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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Other upstream stocks

Continental Resources’ (CLR) short interest-to-equity float ratio is ~20.6%. One month ago, it was ~23.5%. Three months ago, it was 27.1%. Its cash and cash equivalents were ~$16.6 million in 2Q16. The company’s stock has returned ~6.1% in the last three months.

Currently, Oasis Petroleum’s (OAS) short interest-to-equity float ratio is ~20.6%. One month ago, it was ~19.4%. Three months ago, it was ~16.0%. In the last three months, the stock has returned approximately -4.6%. Oasis Petroleum’s net debt-to-EBITDA ratio was 5.4x in 2Q16 and its cash and cash equivalents were $6.5 million.

Carrizo Oil & Gas’s (CRZO) short interest-to-equity float ratio is ~19.5%. One month ago, it was 15.5%. Three months ago, it was ~14.9%. Its net debt-to-EBITDA ratio is ~2.8x. Its cash and cash equivalents were $2.1 million in 2Q16. The stock has returned approximately -8.5% in the last three months.

Sanchez Energy’s (SN) short interest-to-equity float ratio is ~19.1%. One month ago, it was ~21.7%. Three months ago, it was ~15.2%. Its net debt-to-EBITDA ratio is 3.6x and its cash and cash equivalents were $324.4 million in 2Q16. The stock has risen 9.4% in the last three months.

Whiting Petroleum (WLL) and Matador Resources (MTDR) have short interest-to-equity float ratios of ~18.4% and ~16.6%, respectively.

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