(OXY) - Analyzing Occidental Petroleum's Short Interest
Portfolio Pulse from Benzinga Insights
Occidental Petroleum's (NYSE:OXY) short percent of float has risen 4.85% since its last report, with 47.84 million shares sold short, which is 9.72% of all regular shares available for trading. It would take traders 4.7 days to cover their short positions on average. The company has more short interest than most of its peers, with an average of 0.36% for its peer group.
September 04, 2023 | 3:30 pm
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Increased short interest in Occidental Petroleum indicates a bearish sentiment among traders. However, high short interest can sometimes be bullish if a short squeeze occurs.
Short interest is the number of shares sold short but not yet covered. An increase in short interest can indicate a bearish sentiment towards a stock, as traders are betting on the price to fall. However, if the price rises instead, short sellers will need to buy back the shares to cover their positions, which can drive the price up even further in a short squeeze.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100