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Bets against energy stocks were higher at the end of March. Average short interest across energy stocks in the S&P 500 index rose 14 basis points to 2.56% of shares floating at the end of the month from February end.
The S&P 500 Energy sector (NYSEARCA:XLE) is up 14.6% compared to the benchmark index (SP500), which climbed 7.4% from the start of the year.
Stocks with the largest and least short positions
Ranked by short interest as a percentage of shares float
APA Corp. (APA) was the most-shorted energy stock, with 22.1 million shares sold short as of March 31, or 5.98% of the shares float.
EQT (EQT) was the second most shorted energy stock at 5.85% of shares float, followed by Occidental Petroleum (OXY) with a short interest of 5.58%, and Valero (VLO) with 3.35%.
ConocoPhillips (COP) was the least shorted stock, with 12.9 million shares sold short, or 1.10% of the shares float, followed by SLB (SLB) and EOG Resources (EOG), with short interest of 1.36% and 1.68%, respectively.
The top two contributors to the energy index, Exxon Mobil (XOM) and Chevron (CVX), had short interest of 2.65% and 2.87%, respectively.
Industry Analysis
Average short interest as a percentage of floating shares
Oil, Gas, and Consumable Fuels remains the most shorted industry within the energy sector, with 2.66% short interest as of March-end, up from 2.50% at the end of February. The subsector saw the biggest basis-point rise within the overall energy umbrella.
Energy Equipment and Services was the least shorted industry within the sector, with 2.07% short interest as of March-end, up from 2% during February end.
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