Top Shorts Report: Oil patch and pot stocks in the spotlight

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Return to homepage
Wed, 07/10/2019 - 5:46 pm Ted Dixon, Canadian Insider

As we head into summer there is very little change to our Top 10 most shorted stocks list. Bonterra Energy (Mostly Sunny; BNE) returns to our Top 10 list after having slipped off it in the mid-June edition. It takes the place of Automotive Properties REIT (Cloudy; APR.UN) which saw its short position drop after it completed an $84 million equity financing deal on June 28th.

Meanwhile, our signals for Cargojet (MIxed; CJT) suggest it has the potential for a short-squeeze situation whereas in our last report the reading was bearish. Heading in the other direction is Chesswood Group (Mixed; CHW) which suggested a short-squeeze situation last time, but now reads as bearish.

Top 10 Canadian Stocks Shorted as of June 30, 2019*
    Stock Shares Short %Float Change INK Signal
1 RAY Stingray Group 504,969 80.97% 15.55% Squeeze
2 POU Paramount Resources 7,394,869 26.19% 0.44% Squeeze
3 HLF High Liner Foods 3,679,320 17.86% 0.18% Bearish
4 GWO Great West Lifeco 28,351,521 13.00% 0.42% Squeeze
5 CJT Cargojet 1,402,991 11.56% -0.12% Squeeze
6 ACQ AutoCanada 2,882,094 10.79% -0.08% Bearish
7 SSL Sandstorm Gold 18,649,667 10.60% 0.16% Bearish
8 NOA North American Constr. 2,344,824 9.52% -0.05% Bearish
9 CHW Chesswood Group 845,716 9.45% 0.01% Bearish
10 BNE Bonterra Energy 1,914,262 9.24% 0.04% Squeeze

*Stocks trading above $1

Shorts continue to see the oil patch as a prime target. Natural gas producer Peyto Exploration & Development (Mixed; PEY) saw a 1% jump in short interest bringing it to 7.39% of the stock's float. The stock has a bearish setup based on INK short signals. A stock outside of the oil the patch that also has a bearish setup is cannabis operator Harvest Health & Recreation (Mixed; HARV) which saw a 0.92% bump up in short interest bringing it to 3.38% of float. Cannabis stock HEXO (Rainy; HEXO) also has a bearish setup based on our signals, despite short interest dropping by 0.96% to 3.06% of float.

In contrast, MediPharm Labs (Sunny; LABS) saw a 6.55% drop in short interest following the completion of a $75 million bought deal financing on June 17th. Its short interest is now 930,377 shares or 0.83% of the float, positioning which our signals suggest is vulnerable to a squeeze.

Finally, a reduction in short interest at asset manager AGF Management (Mostly Sunny; AGF.B) caught our eye. Shorts dropped back by 0.55% to 2.55% of float. Despite pulling back, based on our signals, shorts are still vulnerable to being squeezed. The bullish setup inspired us to write about AGF in our July 9th morning report.

This article first appeared on INKResearch.com.

Best jordan Sneakers | Trending

Tags:

Category:

Join the discussion in INK Chat!