(PSX) - Analyzing Phillips 66's Short Interest
Portfolio Pulse from Benzinga Insights
Phillips 66 (NYSE:PSX) has seen a 3.61% increase in short interest since the last report, with 7.82 million shares sold short, representing 2.01% of available shares. It would take about 3.15 days to cover all short positions. While an increase in short interest can indicate bearish sentiment, it does not necessarily predict a price drop. Compared to its peers, Phillips 66 has a lower short interest as a percentage of float, with the peer group average at 8.36%.
December 05, 2023 | 6:45 pm
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Phillips 66 has experienced an increase in short interest, which could indicate bearish sentiment among traders. However, its short interest is still below the peer group average, suggesting less negative sentiment compared to its peers.
The increase in short interest for Phillips 66 suggests that some traders expect the stock price to decline. However, since the short interest is below the peer average, it may not have a significant impact on the stock price in the short term. The article also notes that an increase in short interest does not necessarily mean the stock will fall, indicating uncertainty in the direction of the stock price.
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