Short interest in Encana stock
As of December 29, 2017, Encana’s (ECA) total shares shorted (or short interest) stood at ~13.29 million, while its average daily volume is ~6.58 million. The short interest ratio for Encana stock is ~2.02x. Encana’s short interest ratio has a 52-week high of 2.29x and 52-week low of 1.00x. Encana stock’s average daily volume is calculated for the short interest reporting period from December 16, 2017, to December 29, 2017.
From the perspective of shares outstanding, the current short interest in Encana stock as a percentage of shares outstanding is at ~1.4%. Since the start of Encana’s stock rally at the end of August 2017, the short interest in Encana stock as a percentage of shares outstanding has decreased from ~2.9% to ~1.4% in four months. During this time, Encana stock has increased ~43%. Short sellers decreased their short bets in Encana stock as the stock price increased, which could mean that they feel that Encana stock has further to go.
Short interest in context
As of December 29, 2017, other oil and gas exploration and production companies including California Resources (CRC), Range Resources (RRC), and Southwestern Energy (SWN) have short interest as a percentage of shares outstanding of ~27.0%, ~11.0%, and ~10.4%, respectively. The short interest in Encana stock as a percentage of shares outstanding is much lower compared to many other upstream stocks from the SPDR S&P Oil and Gas Exploration & Production ETF (XOP).