Very excited for next week's report! Go BTEShort selling will eventually need to be covered...report coming just before Q2 results next week. Can't wait!
Short selling will eventually need to be covered this will add additional pressure upwards for the price.
They are running out of time
Short selling analysis BTE et al
Reference https://www.iiroc.ca/industry/marketmonitoringanalysis/Pages/consolidated-short-position-report.aspx
https://www.tsx.com/
For perspective I do feel shorting has a purpose. For those curious feel free to read this....
https://www.investopedia.com/terms/s/shortselling.asp
That said I would like to see the short % drop and feel this is a nice upside data point for the company.
Here is some perspective and it's not just BTE there are other mid/small cap oil impacted but others less so.
Stock/Short%
First for data point a couple large caps.
Imperial Oil 0.7%
Canadian Natural resources 0.9%
Suncor 0.8%
Cenovus 0.8%
So as you can see many companies have a shirt position.
While results with mostly drive BTE short position is a positive data point
Stock/Short%
Baytex 4.5%
But they are not the only ones.. mid and small cap have felt pressure on those betting against them.
Crescent Point 3.9%
Birchcliff 3.8%
Vermilion 3.0%
However if BTE can get back to say
Stock/Short%
Whitecap 0.6%
MEG 1.1%
Tourmaline 1.0%
This gives Baytex good pricing torque with WTI driving up