Short interest in National Oilwell Varco
Short interest in National Oilwell Varco (NOV) as a percentage of its float was 6.1% as of April 16, 2018. In the past year, NOV’s short interest has fallen 14%, while its stock price has risen ~1%, meaning investors may have more negative bets on NOV.
Short interest in National Oilwell Varco’s peers over the last year
- Nabors Industries’ (NBR) short interest has risen 25.6%, while its stock price has fallen 44%.
- U.S. Silica’s (SLCA) short interest has risen 23%, while its stock price has fallen 39%.
- Flotek Industries’ (FTK) short interest has fallen 35%, while its stock price has fallen 45%.
Therefore, investors have reduced their negative bets on FTK, and increased their negative bets on NBR and SLCA. Typically, more investors expect a stock’s price to fall if its short interest increases. Let’s check National Oilwell Varco’s correlation with crude oil in the next part of this series.