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Bets against energy stocks are fractionally lower from the end of 2023. Average short interest across S&P 500 energy stocks edged 1 basis point lower to 2.18% of shares float in mid-January.
The S&P 500’s energy sector (NYSEARCA:XLE) is down 0.5%, compared to the broader S&P 500, which climbed 2.86% from the start of the year.
Industry Analysis:
Average short interest as a percentage of floating shares
Oil, Gas & Consumable Fuels remains the most shorted industry within the energy sector with 2.27% short interest as of mid-January, down from 2.28% at the end of 2023.
Energy Equipment and Services was the least shorted industry within the sector with 1.70% short interest as of mid-January, up from 1.68% at the end of 2023.
Stocks with the largest and least short positions.
Ranked by short interest as a percentage of shares float
Exxon Mobil (XOM), Chevron (CVX) and ConocoPhillips (COP), the three largest contributors to the index, have short interest of 2.18%, 2.47% and 1.08% respectively.
Occidental Petroleum (OXY) was the most-shorted energy stock, with 50.1M shares sold short as of January 12, or 5.73% of the shares float.
APA Corp (APA) was the second most shorted energy stock at 4.94% of shares float, followed by EQT (EQT) with short interest of 3.66% and Diamondback Energy (FANG) with 3.27%.
Conoco Phillips (COP) is the least shorted stock, with 12.8M shares sold short or 1.08% of the shares float, followed by EOG Resources (EOG) and SLB (SLB) with short interest of 1.11% and 1.23% respectively.