4 Oct

Short Interest in Schlumberger on October 2

WRITTEN BY Alex Chamberlin

Short interest in Schlumberger

Short interest in Schlumberger (SLB) as a percentage of its float was 1.62% on October 2, 2017, compared to 1.61% on June 30, 2017. Since June 30, 2017, short interest in SLB has remained nearly unchanged. Since June 30, SLB’s stock price has increased ~5%. 

SLB comprises 15.9% of the iShares US Oil Equipment & Services ETF (IEZ). IEZ has risen 4% since June 30, 2017. The S&P 500 Index (SPX-INDEX) has risen 4% since June 30, 2017.

Short Interest in Schlumberger on October 2

Did crude oil prices affect investors’ sentiment?

The price of crude oil has been showing an upward bias since June 2017, rising ~18% since June 22. Investors’ sentiment toward the energy market seems to have strengthened during this period. In effect, many oilfield services companies’ stock prices, including Schlumberger’s, have risen since the third week of June. 

As noted in the chart above, SLB’s stock price and short interest as a percentage of float have mostly been inversely related since October 2015.

Short interest in Schlumberger’s peers

Since June 30, 2017, short interest in Keane Group (FRAC) has increased 1%, while FRAC’s stock price has increased 4%. So, investors added to its negative bets as FRAC’s stock price has risen since June 30. 

Short interest in Key Energy Services (KEG) has decreased 8% since June 30, 2017, while its stock price has fallen 31%. Investors’ negative bets on KEG have decreased since June 30, as its stock has fallen. 

Short interest in Fairmount Santrol Holdings (FMSA) has decreased 5% since June 30, while its stock price has increased 17% during this period. Investors have cut the negative bets on FMSA since June 30.

Has Schlumberger’s correlation with crude oil prices changed in the past three years? We’ll explore this topic in the next part of the series.

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