11 Apr

Has Short Interest in Chevron Plunged?

WRITTEN BY Maitali Ramkumar

Short interest in Chevron

Short interest in Chevron (CVX) has fallen by 0.22 percentage points since January 2, 2019, to the current level of 0.90%.

Usually, a fall in short interest implies a fall in the bearish sentiments in a stock. Over the same period, Chevron stock has risen 13.4%.

Has Short Interest in Chevron Plunged?

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Why the fall in bearish sentiments in Chevron?

Since January 2, bearish sentiments in Chevron have fallen—likely due to rises in oil prices and equity markets. WTI, the benchmark oil, has risen 38.8% since January 2. The rise in the markets has likely affected investors’ sentiments. The SPDR S&P 500 ETF (SPY), which resembles the S&P 500 Index, has risen 15.2% since January 2.

Peers’ short interests

Short interest in Chevron’s peer Equinor (EQNR) has fallen 0.03 percentage points since January 2 to 0.14%. The short interests in Petrobras (PBR) and PetroChina (PTR) have dropped 0.01 percentage points and 0.05 percentage points, respectively, since January 2. Currently, the short interests in Petrobras and PetroChina stand at 0.81% and 0.06%, respectively.

Since January 2, the stock prices of Equinor, Petrobras, and PetroChina have risen 6.8%, 21.3%, and 10.1%, respectively.

Pre-earnings summary

Wall Street analysts expect Chevron to post dull first-quarter earnings results, likely due to weaker upstream earnings led by lower oil prices and partly offset by higher volumes. Despite their rise in the first quarter, oil prices stand lower on a quarterly average basis.

Chevron stock has risen marginally since March 8. Many analysts have provided “buy” ratings on Chevron stock ahead of its earnings presumably due to its robust upstream portfolio and strong financials.

Chevron’s dividend yield stands at 3.8% ahead of its earnings release. Short interest in Chevron has fallen since the beginning of the first quarter likely due to rises in oil prices and equity markets.

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