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What Short Interest in ConocoPhillips Stock Indicates

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Short interest in ConocoPhillips stock

As of March 15, 2017, ConocoPhillips’s (COP) total shares shorted (or short interest) stood at ~15.9 million, whereas its average daily volume was ~7.7 million. Thus, the short interest ratio for COP’s stock is ~2.1x.

The current short interest in COP as a percentage of shares outstanding stands at ~1.3%. As seen in the above chart, since the start of 2017, short interest in ConocoPhillips stock as a percentage of shares outstanding has risen from ~1.2% to ~1.3% despite the ~9% fall in COP’s stock price during the same period. To learn more about COP’s price trend, refer to part one of this series.

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Other upstream players

The short interests in California Resources (CRC), Devon Energy (DVN), and Encana (ECA) as a percentage of shares outstanding stand at ~28.4%, ~1.5%, 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.

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