Suncor Energy Inc T.SU

Short data and covering

[w8asec]

If my sources are correct then our windfall may be just around the corner... most likely the release of the next financials on Feb 2nd.

I think the Shorts were caught off guard with the doubling of the dividend plus the stellar financials, and since they are pros with access to some great techology I believe they were able to keep the share price quite low (considering) till they cover their short positions.... hopefully they choose to go Long for profits with expectations of a pendulum  S.P. push over $50. - They do have the resources to do that if they choose.

Anyway according to ShortData.ca Su is the forth most short covered stock in the last 2 weeks at over 1 Billion shares covered ...from 1.43 Billion short to roughly 357MM or a net change of - 298%

https://shortdata.ca

Hopefully January is the last time to buy in the 30's - Fingers crossed

[Obscure1]

w8asec:  Thanks for the link.  I was struggling to understand a 1.4 billion share short position on Dec 15 which was equivalent to the entire float of SU When I clicked on Suncor on the Shortdata.ca link, it turns out that the short covering was $1 billion, not shares.  Still a big number as that means the pros covered about 30 million shares in the two week period. 

[w8asec]

Obscure1 - Thanks so much for clarifying that .... and yes I also see this as good news,,,, sure would be nice to see the pendulum swing well north of $40 soon.

[Experienced]

If you look at a chart of SU going back to the 15th of Dec to the end of the month you will see the effect of the shorts covering. That story is over for now.  The shorts have moved on and until they see something that would entice them to start shorting again - this chapter has ended and they are not part of any buying pressure going forward. The upcoming 4Q FFO numbers are already well

[w8asec]

Thanks for the input Experienced... and you are probably correct that the shorts have moved onto something more "short worthy" and not going Long SU. I did the Opposite when they announced the Divy increase....actually started buying big before the last financials when I saw their huge NCIB being excecuted....and I was hoping for a small Divy increase,... been accumulating SU since OCT

[Experienced]

I doubt that Mgt is pissed at the pros mainly because they don't need them right now because they can self fund their plans out of FCF.  Right now the SP doesn't matter to mgt and actually as long as they are buying back stock they are happy that the SP is low. Your comment about the $42 valuation is reasonable based on traditional metrics but as I have mentioned in previous posts