5 Most Shorted Oil Stocks

In this piece, we will take a look at Oil to $125: 5 most shorted oil stocks. If you want to look at more stocks, head over to Oil to $125: 10 most Shorted Oil Stocks.

5. Comstock Resources, Inc. (NYSE:CRK)

Number of Hedge Fund Holders: 25
Float Shorted: 19.80%
Stock Price as of November 10: $18.47

Comstock Resources, Inc. (NYSE:CRK) is a company that acquires, develops, and explores oil and natural gas. Comstock Resources, Inc. (NYSE:CRK) is the fifth most shorted oil stock, with a float short of 19.80%.

The shares of Comstock Resources, Inc. (NYSE:CRK) have shown an impressive performance over the last 12 months, gaining 101.53% in value. On September 21, Citi analyst Paul Diamond retained a ‘Buy’ rating on Comstock Resources and increased his price objective to $24 from $17. In order to account for Citi’s revised commodities deck and the better operational outlook through 2023, the analyst modified his small-cap pure-play natural gas exploration and production models.

In the second quarter, 25 hedge funds monitored by Insider Monkey were bullish on Comstock Resources, Inc. (NYSE:CRK). The stakes of these funds are valued at $144.06 million. Out of these, GRT Capital Partners is Comstock Resources, Inc. (NYSE:CRK)’s prominent investor. It owns 42,700 shares that are worth $738,000.

4. Earthstone Energy, Inc. (NYSE:ESTE)

Number of Hedge Fund Holders: 15
Float Shorted: 21.94%
Stock Price as of November 10: $15.60

Earthstone Energy, Inc. (NYSE:ESTE) is an independent oil and gas company in the United States. The company began drilling 12 gross (12.0 net) wells and brought seven gross (6.3 net) wells online in the Midland Basin during the third quarter of 2022 for Company-operated operations. The debt-to-equity ratio of Earthstone Energy, Inc. (NYSE:ESTE) is 0.54, the quick ratio is 0.64, and the current ratio is 0.64.

The stock of Earthstone Energy, Inc. (NYSE:ESTE) has likewise increased in value; year to date, it has increased by 117.63%. Insider Monkey’s Q2 2022 survey of 895 hedge funds outlined that 15 had invested in the company. Out of these, Chuck Royce’s Royce & Associates is Earthstone Energy, Inc. (NYSE:ESTE)’s notable investor. The hedge fund owns 815,338 shares that are worth $10.05 million.

3. Indonesia Energy Corporation Limited (NYSE:INDO)

Number of Hedge Fund Holders: 1
Float Shorted: 21.99%
Stock Price as of November 10: $6.59

Indonesia Energy Corporation Limited (NYSE:INDO) is an Indonesian oil and gas exploration and production business. In Q2 2022, one hedge fund was bullish on Indonesia Energy Corporation Limited (NYSE:INDO), down from three funds in the preceding quarter.

Indonesia Energy Corporation Limited (NYSE:INDO) stands third on the list of the 10 most shorted oil stocks. Millennium Management increased its holdings by 33% and is the most prominent shareholder in the company. The firm owned 24,659 Indonesia Energy Corporation Limited (NYSE:INDO)’s shares, valued at around $162,000.

2. Permian Resources Corporation (NBYSE:PR)

Number of Hedge Fund Holders: N/A
Float Shorted: 23.69%
Stock Price as of November 10: $10.16

Permian Resources Corporation (NBYSE:PR) is a privately held oil and gas business that focuses on developing crude oil and associated liquids-rich natural gas assets in the United States. On November 8, Permian Resources Corporation (NBYSE:PR) posted earnings for the third quarter, reporting earnings per share of $0.70, exceeding market estimates by $0.25. In addition, revenue for the quarter was $549.78 million, up 90.6% from the previous year’s third-quarter revenue.

Following the merger of Centennial Resource Development and Colgate Energy Partners, Citi analyst Paul Diamond initiated coverage of Permian Resources Corporation (NBYSE:PR), assigning the stock a ‘Buy’ rating and a $12 price target on October 26. The successful merger of Colgate Energy Partners III, LLC and Centennial Resource Development, Inc. was announced by Permian Resources Corporation on September 1.

1. Vertex Energy, Inc. (NASDAQ:VTNR)

Number of Hedge Fund Holders: 18
Float Shorted: 34.17%
Stock Price as of November 10: $8.59

Vertex Energy, Inc. (NASDAQ:VTNR) is an environmental services firm that reuses industrial waste streams and off-spec commercial chemical products. The company gathers waste oil from oil change service stations, vehicle repair shops, petroleum refineries, and petrochemical production plants.

In the third quarter earnings published on November 8 by Vertex Energy, Inc. (NASDAQ:VTNR), the EPS totaled $0.22, missing estimates by $0.01. In addition, the $810.2 million revenue jumped 1489.3% year-over-year, missing estimated revenue by $103.47million.

H.C. Wainwright analyst Amit Dayal reduced his price objective on Vertex Energy, Inc. (NASDAQ:VTNR) to $15 from $25 on August 10 and reiterated a ‘Buy’ rating on the stock. The objective reduction was ascribed to lower-than-expected margin performance due to hedging activities taken as part of the Mobile refinery deal.

As this year’s second quarter ended, 18 out of the 895 hedge funds polled by Insider Monkey had invested in Vertex Energy, Inc. (NASDAQ:VTNR). The company’s largest investor is Adam Usdan’s Trellus Management Company, which owns 2.12 million shares that are worth $13.21 million.

 You can also take a peek at Best Railroad Stocks To Buy and Top Nuclear Energy Stocks To Buy.

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