Sanchez Energy Corporation (SN) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 12,405,524 to 12,074,187 shares, with 4 days to go before the expiry. The short open interest has decreased by -2.7%, amounting to a reduction of -331,337 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 22% of the float of the company. The average daily volume of the stock is 3,041,927 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Sanchez Energy Corporation (NYSE:SN): The stock opened at $8.46 on Wednesday but the bulls could not build on the opening and the stock topped out at $8.84 for the day. The stock traded down to $8.40 during the day, due to lack of any buying support eventually closed down at $8.45 with a loss of -2.42% for the day. The stock had closed at $8.66 on the previous day. The total traded volume was 3,862,296 shares.
In a related news, The Securities and Exchange Commission has divulged that Hill Garrick A., officer (Interim CFO) of Sanchez Energy Corp, had unloaded 977 shares at an average price of $6.77 in a transaction dated on July 5, 2016. The total value of the transaction was worth $6,614.
Sanchez Energy Corporation is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources in the onshore United States Gulf Coast. The Company focuses on the Eagle Ford Shale in South Texas and the Tuscaloosa Marine Shale (TMS) in Mississippi and Louisiana. In the Eagle Ford Shale, the Company has assembled approximately 226,000 net leasehold acres with an average working interest of approximately 93%. In the TMS, the Company owns approximately 40,000 net undeveloped acres in Southwest Mississippi and Southeast Louisiana.