Looking Into Hess's Recent Short Interest
Portfolio Pulse from Benzinga Insights
Hess Corporation (NYSE:HES) has experienced a 36.17% increase in short interest since its last report, with 3.87 million shares sold short, representing 1.92% of its float. The average time to cover these short positions is 1.02 days. While an increase in short interest can indicate bearish sentiment, it does not necessarily predict a near-term price drop. Hess's short interest is below its peer group average of 6.21%.
December 04, 2023 | 6:30 pm
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NEUTRAL IMPACT
Hess Corporation's short interest has increased, which may suggest bearish market sentiment. However, with short interest below the peer average, the impact may be neutral to slightly negative in the short term.
The increase in short interest for Hess indicates that some investors are expecting the price to fall, which could lead to negative sentiment. However, since the short interest is still lower than the peer average, it may not have a significant impact on the stock price in the short term. The short covering period is also relatively short at 1.02 days, suggesting that any price movements due to short covering could be swift.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 80