California Resources Just Fell 14%: Here’s Why PART 5 OF 6
By Nicholas Chapman | Nov 29, 2016 9:59 am EST

California Resources’ short interest

As of November 25, 2016, California Resources’ total shares shorted (or short interest) stood at ~17.1 million, whereas its average daily volume was ~2.2 million. This means CRC’s short interest ratio is ~8x.

From a float perspective, CRC’s current short interest as a percentage of its float is the highest at ~46%, compared to all other upstream companies from the SPDR S&P Oil & Gas Exploration & Production ETF (XOP).

As seen in the above chart, California Resources’ short interest as a percentage of its float has risen strongly, from ~11% to ~46%, despite the ~35% fall in its stock price from May 2016 to date.

Other upstream players

Other upstream companies Denbury Resources (DNR), Marathon Oil (MRO), and Continental Resources (CLR) have short interests as percentages of float of ~8%, ~4%, and ~9%, respectively.