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Short Interest in Magellan Midstream Partners Rose Recently

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Short interest in MMP

Short interest as a percentage of float in Magellan Midstream Partners (MMP) is currently ~1.9% compared to 1.4% in mid-March 2018. According to the data released on April 10, 2018, Magellan Midstream Partners’ total shares shorted stood at ~4.2 million on March 29, 2018, 29.5% higher than its ~3.3 million shares shorted on March 15.

Magellan Midstream Partners’ short interest is higher than its average of ~1.5% over the last five years.

The above graph shows short interest changes in Magellan Midstream stock along with its stock price over the last year. The rise in the stock’s short interest indicates that more investors expect MMP’s price to fall in the near future compared to those who expected it to fall in mid-March 2018.

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Short interest ratio

Short interest in Magellan Midstream Partners stock is ~4.2 million shares, while its average 30-day daily trading volume is ~1.3 million shares. Its short interest ratio—short interest divided by average trading volume—is ~3.3x. This ratio shows that it would take more than three days to cover all of the currently open short positions in Magellan Midstream stock.

Short interest as a percentage of float in Plains All American Pipeline (PAA) is 3.3%, showing a fall since mid-March 2018. Enterprise Products Partners’ (EPD) total shares shorted stood at ~17.6 million on March 29, 2018, 5% higher than its ~16.8 million shorted shares on March 15.

In the next article, we’ll see what analysts recommend for Magellan Midstream Partners.

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