The most recent short interest data has been released for the 01/31/2018 settlement date, which shows a 3,630,609 share decrease in total short interest for Ultra Petroleum Corp (UPL - Get Report), to 15,311,185, a decrease of 19.17% since 01/12/2018. Total short interest is just one way to look at short data; another metric that we here at Dividend Channel find particularly useful is the "days to cover" metric because it considers both the total shares short and the average daily volume of shares traded. The number of shares short is then compared to the average daily volume, in order to calculate the total number of trading days (at the average volume) it would take to close out all of the open short positions if every share traded represented a short position being closed. Average daily volume for UPL at the 01/31/2018 settlement increased to 2,834,800, as compared to 1,782,754 at the 01/12/2018 report. That brought "days to cover" down to 5.40, a 49.17% decrease from the 10.63 days to cover calculated at the previous short interest data release.The below chart shows the historical "days to cover" for UPL at previous short interest release dates: A decreased "days to cover" value could indicate that short sellers are no longer expecting the same decline in stock price they once were, or it could also indicate a long bet elsewhere was closed where UPL had been shorted as a hedge. The chart below shows the one year performance of UPL shares, versus its 200 day moving average. Looking at this chart, UPL's low point in its 52 week range is $4.695 per share, with $13.60 as the 52 week high point — that compares with a last trade of $4.91. According to the ETF Finder at ETF Channel, UPL makes up 1.57% of the PowerShares Dynamic Energy Exploration & Production Portfolio ETF (PXE) which is lower by about 1% on the day Tuesday.
More from Stocks
Shopify Falls 5% in After-Hours Trading on Secondary Offering Plan
Company to offer 1.9 million Class A subordinate voting shares.
Trump Scolds GM Foreign Plants as Strike Continues
President Trump used an oval-office photo op to lob a few verbal artillery shells at one of his favorite targets, General Motors.
Embattled WeWork Parent Seen Postponing its IPO: Report
Delay follows steep devaluation of office space rental company.
Jim Cramer: I Wish We Could Just Say No to These IPOs
WeWork and Saudi Aramco are two big deals that are worrisome to the entire market.