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Analyzing Short Interest in California Resources Stock

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Short interest in California Resources stock

  • As of July 31, 2017, California Resources’ (CRC) total shares shorted (or short interest) stood at ~16.3 million, whereas its average daily volume was ~2.3 million. That means the short interest ratio for CRC stock is ~7.02x. The stock’s average daily volume is calculated for the short interest reporting period of July 15, 2017, to July 31, 2017.
  • California Resources’ short interest ratio has a 52-week high of 8.09x and a 52-week low of 3.45x.
  • California Resources’ short interest as a percentage of 20-day average volume, 90-day average volume, and 180-day average volume is 9.98x, 7.83x, and 8.20x, respectively.
  • From the perspective of shares outstanding, current short interest in California Resources stock as a percentage of shares outstanding is ~38.0%.
  • Short interest in California Resources stock as a percentage of shares outstanding is on the very high side when compared with many other upstream stocks from the SPDR S&P Oil & Gas Exploration & Production ETF (XOP).
  • As you can see in the above graph, short interest in California Resources stock as a percentage of shares outstanding has risen from ~27.1% to ~38.0% in 2017, despite a ~65.0% fall in CRC stock during the same period. To know more about CRC stock’s price trend in 2017, refer to Part 1 of this series.
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Other upstream players

As of July 31, 2017, other oil and gas exploration and production companies such as Occidental Petroleum (OXY), W&T Offshore (WTI), and Southwestern Energy (SWN) have short interest as a percentage of shares outstanding of ~1.3%, ~5.3%, and ~8.3%, respectively. Southwestern Energy (SWN) and W&T Offshore (WTI) saw their short interests fall in the last month. The Direxion Daily S&P Oil & Gas Exploration & Production Bear 3X ETF (DRIP) is a leveraged inverse fund that invests in oil and gas exploration and production companies. The First Trust ISE-Revere Natural Gas ETF (FCG) invests in natural gas producers.

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