Short interest in ConocoPhillips
- As of January 31, 2017, ConocoPhillips’s (COP) total shares shorted (or short interest) stood at ~14.3 million. Its average daily volume was ~6.0 million. That means the short interest ratio for COP stock is ~2.4x.
- From the perspective of shares outstanding, the current short interest in COP as a percentage of shares outstanding is ~1.2%.
- As you can see in the above graph, short interest in ConocoPhillips stock as a percentage of shares outstanding has fallen from ~1.4% to ~1.2% during the two-month consolidation phase that we covered in Part 1 of this series.
Other upstream players
Other upstream companies such as California Resources (CRC), Devon Energy (DVN), and Encana (ECA) have short interest as a percentage of shares outstanding of ~27.1%, ~2.4%, and ~1.8%, respectively. The Direxion Daily Energy Bull 3X ETF (ERX) is a leveraged ETF that invests in domestic companies from the energy sector.