23 Jan

Gauging Short Interest in National Oilwell Varco

WRITTEN BY Alex Chamberlin

Short interest in National Oilwell Varco

Short interest in National Oilwell Varco (NOV) as a percentage of its float was 7.1% as of January 18. Since September 29, 2017, short interest in NOV has decreased 16%. September 29 was the last trading day of NOV’s 3Q17 fiscal quarter. However, since September 29, 2017, NOV’s stock price has increased ~6%. So investors increased negative bets on NOV. NOV’s stock price and short interest as a percentage of float have largely been inversely related since January 2016. NOV is 5.6% of the iShares US Oil Equipment & Services ETF (IEZ). IEZ has increased 10% since September 29. The S&P 500 Index (SPX-INDEX) increased 11% since September 29.Gauging Short Interest in National Oilwell Varco

Short interest in National Oilwell Varco’s peers

Since September 29, short interest in Oil States International (OIS) has decreased 5% while OIS’s stock price increased 28%. Since September 29, short interest in TETRA Technologies (TTI) has gone down 12% while its stock price increased 43%. Short interest in Key Energy Services (KEG) has decreased 7% since September 29 while its stock price increased 24% during this period. So investors cut negative bets on TTI and KEG since September 29.

Let’s check out National Oilwell Varco’s correlation with crude oil in the next parts of this series.

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