
Analyzing Short Interest in Denbury Resources Stock
By Nicholas ChapmanUpdated
Short interest in Denbury Resources stock
On July 31, 2017, Denbury Resources’ (DNR) total shares shorted (or short interest) stood at ~74.4 million, and its average daily volume is ~6.2 million. So, the short interest ratio for DNR stock is ~12.0x. The average daily volume is calculated for the short interest reporting period of July 16–July 31, 2017.
Denbury Resources’ short interest ratio has a 52-week high of ~12.3x and a 52-week low of 5.8x. Denbury Resources’ short interest readings as a percentage of its 20-day average volume, 90-day average volume, and 180-day average volume are ~14.1x, ~12.0x, and ~9.6x, respectively.
When analyzed from the perspective of shares outstanding, current short interest in Denbury Resources stock as a percentage of shares outstanding is ~18.7%. Short interest in Denbury Resources stock as a percentage of shares outstanding is on the higher side when compared with other upstream stocks from the SPDR S&P Oil and Gas Exploration & Production ETF (XOP).
As seen in the chart above, year-to-date short interest in Denbury Resources stock as a percentage of shares outstanding has increased from ~16.1% to ~18.7% in 2017, despite an ~60% decline in DNR’s stock price during the same period.
Other upstream players
Among DNR’s oil and gas exploration and production peers, Devon Energy (DVN), W&T Offshore (WTI), and California Resources (CRC) have short interest as a percentage of shares outstanding of ~1.9%, ~6.0%, and ~39.1%, respectively.
However, W&T Offshore (WTI) and California Resources (CRC) saw an increase in their short interest in the last one-month period. The Direxion Daily Energy Bull 3X ETF (ERX) is a leveraged ETF that invests in domestic companies from the energy sector.