Short interest in Total rises
Since April 1, Total’s (TOT) short interest has risen from 0.04% to 0.10%, while its stock price has fallen 2.0%. An increase in short interest is a bearish sign.
Why the change in sentiment?
Bearishness toward Total may have been due to the company’s weak first quarter, during which its revenue rose 3% YoY (year-over-year) to $51.2 billion and its adjusted net earnings fell 4% YoY to $2.8 billion. Total’s adjusted EPS fell 6% YoY to $1.02.
Oil prices’ decline may have also affected investor sentiment. In the second quarter, WTI prices have fallen 11%. Oil prices are among the main determinants of Total’s upstream earnings—their decline could mean lower earnings for Total.
Peers’ short interest
Since April 1, Equinor’s (EQNR), Petrobras’s (PBR), and PetroChina’s (PTR) short interest has risen 0.06%, 0.07%, and 0.03%, respectively, to 0.20%, 0.87%, and 0.09%. Meanwhile, their stock prices have fallen 9.3%, 2.5%, and 15.3%.