Short Interest Jumps in Pipeline Companies (BHI, BP, CHK, CVX, COP, EPD, XOM, KMI, NOV, PSX, SLB, RIG, VLO)

Oil pumpjack
Oil pumpjack

We have tracked the key short interest changes as of November 30 in the following oil and gas leaders: Baker Hughes Inc. (NYSE: BHI), BP PLC (NYSE: BP), Chesapeake Energy Corp. (NYSE: CHK), Chevron Corp. (NYSE: CVX), ConocoPhillips (NYSE: COP), Enterprise Products Partners L.P. (NYSE: EPD), Exxon Mobil Corp. (NYSE: XOM), Kinder Morgan Inc. (NYSE: KMI), National Oilwell Varco Inc. (NYSE: NOV), Phillips 66 (NYSE: PSX), Schlumberger Ltd. (NYSE: SLB), Transocean Ltd. (NYSE: RIG) and Valero Energy Corp. (NYSE: VLO).

Baker Hughes Inc. (NYSE: BHI) saw short interest fall by 3.8% to 12.38 million shares, or 2.8% of the company's total float.

BP PLC (NYSE: BP) short interest rose 5.7% to 9.1 million shares, or 0.3% of the company's float. This is the third consecutive rise in short interest in BP.

Chesapeake Energy Corp. (NYSE: CHK) saw a 10.1% rise in short interest to 83.43 million shares, which represents about 12.7% of the firm's float.

Chevron Corp. (NYSE: CVX) short interest fell 3.5% to 15.82 million shares, which represents 0.8% of the company's float.

ConocoPhillips (NYSE: COP) saw a 2.8% drop in short interest to 25.82 million shares, which is 2.2% of the firm's float.

Enterprise Products Partners L.P. (NYSE: EPD) saw short interest rise a whopping 54.3% to 2.46 million shares, or 0.4% of the company's total float.

Exxon Mobil Corp. (NYSE: XOM) saw short interest drop 3.7% to 37.71 million shares, or 0.8% of the company's total float.

Kinder Morgan Inc. (NYSE: KMI) short interest rose 9.8% to 8.41 million shares, which represents 1.6% of the company's float.

National Oilwell Varco Inc. (NYSE: NOV) saw short interest fall 8.3% to 4.69 million shares, about 1.1% of the company's total float.

Phillips 66 (NYSE: PSX) saw a 7.9% decline in short interest to 11.03 million shares, which represents 1.8% of the firm's float.

Schlumberger Ltd. (NYSE: SLB) short interest rise 5.5% to 14.3 million shares, which represents 1.1% of the company's float.

Transocean Ltd. (NYSE: RIG) saw a 4.7% fall in short interest to 3.3 million shares, which represents 1% of the firm's float.

Valero Energy Corp. (NYSE: VLO) saw a 0.2% decline in short interest to 20.58 million shares, which represents 3.7% of the firm's float.

The sharpest increases in short interest came in the country's two largest pipeline MLPs, Kinder Morgan and Enterprise, with the jump at Kinder Morgan particularly noticeable. Because the pipeline partnerships' business model has been tested over a couple of decades and proven to be a long-term winner, the increase in short interest looks like a bet against the pipeline companies based on debt levels and shrinking cash flows as demand slackens.

Paul Ausick

Filed under: 24/7 Wall St. Wire, Oil & Gas, Short Interest Tagged: BHI, BP, CHK, COP, CVX, EPD, KMI, NOV, PSX, RIG, SLB, VLO, XOM