Short interest in Schlumberger
The short interest in Schlumberger (SLB) as a percentage of its float was 1.7% as of February 27, 2018—compared to 1.00% as of February 28, 2018. Since February 28, 2017, the short interest in Schlumberger has increased 72%. So, investors increased their negative bets on Schlumberger in the past year. As noted in the following graph, Schlumberger’s stock price and short interest as a percentage of float have largely been inversely related since February 2016. Since February 28, 2017, Schlumberger’s stock price has decreased ~17%. Schlumberger accounts for 17.5% of the iShares US Oil Equipment & Services ETF (IEZ). IEZ has decreased 24% since February 28, 2017.
Since December 29, 2017, Schlumberger’s short interest as a percentage of its float reached as high as 2.0% in the last week of January 2018. Since then, Schlumberger’s short interest has subsided.
Short interest in Schlumberger’s peers
Since February 28, 2017, the short interest in Oil States International (OIS) has increased 15.6%, while the stock price has decreased 27.6%. The short interest in Superior Energy Services (SPN) has decreased 37% since February 28, 2017, while the stock price has decreased 44%. Investors reduced the negative bets on Superior Energy Services in the past year. Investors increased their negative bets on Oil States International in the past year. The short interest in Key Energy Services (KEG) has increased 154% since February 28, 2017, while its stock price has decreased 56%.
Next, we’ll discuss Schlumberger’s correlation with crude oil’s price.