So it would stand to reason that should some unexpectedly good news come out, and short sellers did not have 18 days of patience but instead wanted to cover their short positions very suddenly, that situation could result in sending the stock higher until the higher price produces enough sellers to generate the necessary volume to close out those positions quickly.
Panhandle Oil & Gas Inc (PHX) has something relatively rare for a stock with this much short interest, that being insiders taking the other side of the trade. Looking back over the trailing six month period, PHX has seen 3 different instances of insider buying, as summarized by the table below:
|02/26/2013||Paul Blanchard Jr.||Sr. VP/Chief Operating Officer||5,000||$27.01||$135,050.00|
|03/12/2013||Darryl G. Smette||Director||4||$28.79||$115.16|
|03/12/2013||Duke R. Ligon||Director||510||$28.79||$14,682.90|
Below is a chart showing the "days to cover" for PHX over time: