Short interest in OKE
Short interest as a percentage of floating shares in ONEOK (OKE) is 3.3%. This metric is higher compared to 3.0% at the end of November. According to data released on December 11, 2017, the total number of ONEOK shares shorted was ~12.4 million on November 30, 2017—9.4% higher compared to ~11.3 million on November 15, 2017.
Short interest in ONEOK is, however, lower than the average of ~4.7% in the last five years.
The chart above shows short interest in OKE as a percentage of its float along with OKE’s stock price. The higher short interest in ONEOK may show that more investors think its price could fall again soon.
Short interest ratio
Short interest in ONEOK is ~12.4 million shares, whereas the average daily trading volume is ~2.3 million shares. So, ONEOK’s short interest ratio is ~5.4x. This indicates that it would take more than five days to cover all open short positions in OKE’s stock.
Short interest in Kinder Morgan (KMI) was ~54.7 million shares on November 30, 2017. It was 6.0% higher than ~51.5 million shares on November 15, 2017. The total number of Enterprise Products Partners (EPD) shares shorted was ~32.3 million on November 30, 2017, which was 8% higher than ~29.9 million on November 15, 2017.
In the next article, let’s see how OKE’s current valuation stands compared to its peers.