Bets against energy stocks were higher at the end of February. Average short interest across energy stocks in the S&P 500 index rose 13 basis points to 2.42% of shares floating at the end of the month from January end.
The S&P 500 Energy sector (NYSEARCA:XLE) is up 9.2% compared to the benchmark index (SP500), which climbed 7.3% 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 19.5 million shares sold short as of February 29, or 6.5% of the shares float.
Occidental (OXY) was the second most shorted energy stock at 5.9% of shares float, followed by EQT (EQT) with a short interest of 3.32%, and Valero (VLO) with 3.18%.
The top two contributors to the energy index, Exxon Mobil (XOM) and Chevron (CVX), have short interest of 2.69% and 2.78%, 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 2.50% short interest as of February-end, up from 2.39% during mid-January.
Energy Equipment and Services was the least shorted industry within the sector, with 2% short interest as of Febr-end, up from 1.70% during mid-January. The subsector saw the biggest basis-point rise within the overall energy umbrella.
