(PSX) - Analyzing Phillips 66's Short Interest
Portfolio Pulse from Benzinga Insights
Phillips 66 (NYSE:PSX) has seen a 17.91% increase in short interest since its last report, with 9.21 million shares sold short, representing 2.37% of its float. The average time to cover these short positions is 2.52 days. While an increase in short interest can indicate bearish sentiment, it does not necessarily predict a near-term price drop. Compared to its peers, Phillips 66 has a lower short interest as a percentage of float, with the peer group average at 8.49%.
December 21, 2023 | 2:00 pm
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Phillips 66 has experienced an increase in short interest, which could indicate bearish sentiment among investors. However, the company's 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 investors are expecting the stock price to decline. However, since the short interest is lower than the peer average, it may not have a significant impact on the stock price in the short term. The market's reaction to changes in short interest can be unpredictable, and without additional negative catalysts, the impact on the stock price may be neutral.
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