Short sellers want nothing to do with PetroHawk (HK). The short interest in the company dropped 62% between June 30 and July 15, falling to 7.3 million, which is less than 4% of the float. At just over $33, the stock is trading at the middle of its 52-week price range. The firm's stock dropped 15% last week, and the company had a $88 million money flow on Friday.
The share price could get some wind behind it now. Jim Cramer has made positive comments about the company.
The most important recent news about the company is that its first horizontal test well in the Haynesville shale started production at a rate of about 8.0 million cubic feet of natural gas per day. The recent sell-off in the shares is almost overdone.
