Short interest as a percentage of float

Short interest represents the total number of a company’s shares that were shorted, but the position has not been closed out yet. According to data released on January 10, 2018, short interest as a percentage of float in Holly Energy Partners (HEP) was ~23.4% on December 29, 2017. 

The number of shares shorted decreased to ~0.9 million from ~1.2 million shorted shares on December 15, 2017.

Short Interest in Holly Energy Partners Fell Recently

A decrease in short interest in a stock indicates that fewer investors expect the stock’s price to fall. However, investors could be mistaken in their expectations. 

The chart above shows the recent changes in short interest in HEP, Andeavor Logistics (ANDX), Phillips 66 Partners (PSXP), and PBF Logistics (PBFX).

PSXP’s short interest

Short interest as a percentage of float in Phillips 66 Partners was ~4.1% on December 29, 2017. The number of shares shorted decreased marginally to ~2.18 million from ~2.19 million shorted shares on December 15, 2017.

ANDX’s short interest

Short interest as a percentage of float in Andeavor Logistics stock on December 29, 2017, was 2.6%. It rose nearly 0.3% from December 15, 2017.

PBFX’s short interest

Short interest as a percentage of float in PBF Logistics was ~1.7% on December 29, 2017. The number of shares shorted increased to 632,515 from 602,197 shorted shares on December 15, 2017.

Short interest ratio

The short interest ratio indicates the number of days it could take for short sellers to cover all their positions. This ratio is calculated by dividing short interest by the average trading volumes for a particular stock. 

The short interest ratios for PSXP, HEP, PBFX, and ANDX are 8.0x, 6.0x, 6.0x, and 4.0x, respectively. It would take the highest short interest ratio—eight days—to cover all open short positions in PSXP stock.

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