Short interest in Enbridge
The number of Enbridge (ENB) shares shorted rose from ~26.5 million on March 30, 2018, to ~26.6 million on April 13, a rise of ~0.5%. According to data released on April 24, the short interest in Enbridge as a percentage of its float is currently ~1.6%, up marginally compared to at the end of March. The short interest as a percentage of float in Enbridge is higher than its five-year average of ~1.1%.
The above graph shows the short interest changes in Enbridge stock along with its stock price over the last one year. As the above graph shows, the short interest in Enbridge is currently at the highest level in a year. The latest rise in the stock’s short interest indicates that more investors expect Enbridge’s price to fall in the near term compared to the investors that expected it to fall at the end of March.
Short interest ratio
The short interest in Enbridge stock is 26.6 million shares, while its average 30-day daily trading volume is ~3.9 million shares. Enbridge’s short interest ratio, the short interest divided by the average trading volume, is 6.9x. The ratio shows that it would take nearly seven days to cover all of the open short positions in Enbridge stock.
The short interest as a percentage of floating shares in Kinder Morgan (KMI) is 2.5%. The short interest in Kinder Morgan fell nearly 12.4% compared to the end of March. TransCanada’s (TRP) total shares shorted were 6.4 million on April 13, 11% lower than 7.2 million shares shorted on March 30.
The short interest in Enbridge Energy Partners (EEP) fell 14.9% from 5.8 million shorted shares on March 30 to 4.9 million shares on April 13.
Next, let’s see what Wall Street analysts recommend for Enbridge.