Short interest in Encana stock
- As of January 13, 2017, Encana’s (ECA) total shares shorted (or short interest) stood at ~21.0 million, whereas its average daily volume is ~10.6 million, which means the short interest ratio for ECA stock is ~2x.
- Current short interest in ECA stock as a percentage of shares outstanding is on the lower side at ~2.2% when compared with all other upstream companies from the SPDR S&P Oil and Gas Exploration & Production ETF (XOP).
- As seen in the above chart, Encana’s short interest as a percentage of shares outstanding has increased marginally from ~1.8% to ~2.2% despite a ~37% increase in its stock price in the first week of November 2016.
Short interest in ECA peers
Other upstream companies California Resources (CRC), Devon Energy (DVN), and EOG Resources (EOG) have short interest as a percentage of shares outstanding of ~27%, ~2%, and ~2%, respectively. The Direxion Daily Energy Bull 3X ETF (ERX) is a leveraged ETF that invests in domestic companies from the energy sector.