PETRUS SHORT INTERESTTo summarize findings re: short interest on PRQ, as of 7/15/22 the most recent short interest report available, shorting has dropped off significantly. The highs for shorts was between about 3/15 and 5/15, with the peak of short volume at 21% of total trading volume on 4/30. From that date, short interest has fallen off from the 21% peak as follows:
5/15 @ 15%
5/31 @ 10%
6/15 @ 4.5%
6/30 @ 9.8%
7/15 @ 5%
The peak closing share price for PRQ occurred on 6/7/22 @ $3.33.
Since the high of short interest occured during a quiet period and we are now going into earnings season for the 2nd quarter, and assuming that sales and profits will be accelerating for all Canadian O+G producers, including PRQ, one may surmise that the short interest has declined into earnings announcements.
What short profits that have been made going into the parabolic blow-off top in early June are booked and we will likely see reduced shorting activity until after earnings announcements.
The lack of volume in trading for PRQ does make it easy to manipulate prices, I have seen this pattern of end of day trading drop-off into closing prices for a while now.
Low volume is indicative of lack of interest, generally speaking.
Since many O+G firms have already, or are poised to declare increases in dividends, increased share buy-backs, special dividends, reduction of debt, etc., with the high pricing of CL and NG filling the coffers, those firms in this sector that reward shareholders will experience increased interest, higher share prices with higher trading volume.
We shall see how this mileau works out for Petrus shareholders. GLTA