Invesco Oil & Gas Services ETF (NYSEARCA:PXJ – Get Free Report) was the target of a large growth in short interest in September. As of September 15th, there was short interest totaling 73,728 shares, a growth of 481.5% from the August 31st total of 12,678 shares. Approximately 2.5% of the shares of the stock are short sold. Based on an average trading volume of 47,794 shares, the days-to-cover ratio is presently 1.5 days.
Invesco Oil & Gas Services ETF Stock Down 0.4%
PXJ stock traded down $0.20 during midday trading on Friday, reaching $44.50. 19,488 shares of the company’s stock traded hands, compared to its average volume of 51,973. The company has a 50-day simple moving average of $44.90 and a two-hundred day simple moving average of $43.06. Invesco Oil & Gas Services ETF has a 1-year low of $25.56 and a 1-year high of $48.28. The company has a market cap of $129.50 million, a price-to-earnings ratio of 9.62 and a beta of 0.78.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the business. Bank of America Corp DE grew its stake in shares of Invesco Oil & Gas Services ETF by 1,933.6% during the first quarter. Bank of America Corp DE now owns 143,148 shares of the company’s stock valued at $5,933,000 after purchasing an additional 136,109 shares during the last quarter. Independent Financial Group LLC acquired a new position in Invesco Oil & Gas Services ETF during the 1st quarter worth $460,000. Quantinno Capital Management LP bought a new stake in shares of Invesco Oil & Gas Services ETF during the first quarter worth $240,000. Integrated Wealth Concepts LLC acquired a new position in shares of Invesco Oil & Gas Services ETF during the second quarter valued at $51,000. Finally, Private Advisor Group LLC acquired a new position in shares of Invesco Oil & Gas Services ETF during the first quarter valued at $466,000.
More Invesco Oil & Gas Services ETF News
- Positive Sentiment: Escalating Middle East risks and disruptions involving the Strait of Hormuz are keeping a bullish supply-risk premium in crude markets. Sustained higher oil prices could improve cash flows and capital-spending prospects for oilfield-services companies held by PXJ. WTI and Brent Forecast: Oil Pullback Tests Bullish Support
- Positive Sentiment: Short interest in PXJ rose 481.5% to 73,728 shares as of September 15. Although the increase signals greater bearish positioning, the 1.5-day days-to-cover ratio could amplify a rebound if crude prices or energy stocks move higher and short sellers cover positions.
- Neutral Sentiment: WTI and Brent are testing support as traders weigh possible efforts to reopen the Strait of Hormuz against continued attacks and supply disruptions. This leaves PXJ exposed to sharp swings in both directions. Oil Pulls Back as Cautious Hopes Compete With Escalation
- Negative Sentiment: Talk of a potential U.S. diesel-export ban is widening the discount of U.S. crude to Brent. If refiners reduce crude processing because diesel cannot be exported, demand for U.S. crude—and potentially oilfield-services activity—could weaken. Talk of US export ban on diesel deepens US crude futures’ discount to global benchmark
- Negative Sentiment: Reports of a larger-than-expected U.S. crude-inventory build and concerns about an approaching economic downturn are limiting oil’s upside. Lower prices and weaker demand expectations can pressure energy producers’ budgets and reduce spending on services represented in PXJ. Oil Falls on Larger-Than-Expected Build in U.S. Inventories
About Invesco Oil & Gas Services ETF
The Invesco Dynamic Oil & Gas Services ETF (PXJ) is an exchange-traded fund that mostly invests in energy equity. The fund tracks an index of US companies in the oil and gas services sector that are weighted in tiers. The index uses a multi-factor methodology to select holdings. PXJ was launched on Oct 26, 2005 and is managed by Invesco.
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