Short Sellers Grow More Selective on Major Oil Stocks
The October 15 short interest data have been compared with the previous figures, and short interest moves in these selected big oil stocks were mixed.
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Crude oil was trading right around $67 a barrel early on Thursday. Over the past month, crude has been massively down following the markets lower for the year. However, it is worth pointing out that the current crude price still pales in comparison to what it was in 2014.
The October 15 short interest data have been compared with the previous figures, and short interest moves in these selected big oil stocks were mixed.
Chevron Corp. (NYSE: CVX) saw its short interest increase slightly to 17.73 million shares from the previous reading of 17.62 million. The shares were last seen trading at $111.07, in a 52-week range of $108.02 to $133.88.
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Short interest in Exxon Mobil Corp. (NYSE: XOM) increased to 29.33 million shares from the previous level of 28.34 million. The stock traded at $78.20, within a 52-week range of $72.16 to $89.30.
BP PLC (NYSE: BP) short interest decreased to 5.68 million shares, from the previous level of 7.02 million. Shares traded at $41.50, in a 52-week range of $36.15 to $47.83.
The number of ConocoPhillips (NYSE: COP) shares short fell to 11.29 million from the previous 12.74 million. Shares were trading at $66.89, within a 52-week range of $48.97 to $80.24.
Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased to 42.09 million shares from the previous 47.04 million. The stock traded at $15.23 a share, in a 52-week range of $9.02 to $17.20. Unfortunately, Petrobras may be trading on an entirely different set of fundamentals and sentiment due to its ongoing woes in Brazil.
Occidental Petroleum Corp.’s (NYSE: OXY) short interest increased to 9.85 million shares from the previous reading of 9.19 million. Shares recently traded at $68.75, in a 52-week range of $62.47 to $87.67.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
