Short Interest in Invesco Oil & Gas Services ETF (NYSEARCA:PXJ) Declines By 63.2%
by Kim Johansen · The Markets DailyInvesco Oil & Gas Services ETF (NYSEARCA:PXJ – Get Free Report) saw a significant drop in short interest in June. As of June 15th, there was short interest totaling 12,103 shares, a drop of 63.2% from the May 31st total of 32,857 shares. Based on an average trading volume of 17,026 shares, the days-to-cover ratio is currently 0.7 days. Currently, 0.4% of the company’s stock are sold short.
Institutional Investors Weigh In On Invesco Oil & Gas Services ETF
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its position in Invesco Oil & Gas Services ETF by 1,933.6% in the 1st quarter. Bank of America Corp DE now owns 143,148 shares of the company’s stock valued at $5,933,000 after buying an additional 136,109 shares during the last quarter. Quantinno Capital Management LP purchased a new stake in shares of Invesco Oil & Gas Services ETF during the first quarter worth about $240,000. Independent Financial Group LLC acquired a new position in shares of Invesco Oil & Gas Services ETF in the first quarter worth about $460,000. Private Advisor Group LLC acquired a new position in shares of Invesco Oil & Gas Services ETF in the first quarter worth about $466,000. Finally, MinichMacGregor Wealth Management LLC acquired a new position in shares of Invesco Oil & Gas Services ETF in the first quarter worth about $376,000.
Invesco Oil & Gas Services ETF Stock Down 1.1%
Shares of PXJ traded down $0.45 during mid-day trading on Monday, reaching $38.69. 1,226,202 shares of the stock traded hands, compared to its average volume of 51,563. The stock has a fifty day simple moving average of $43.36 and a 200 day simple moving average of $38.96. Invesco Oil & Gas Services ETF has a 12-month low of $23.52 and a 12-month high of $47.11. The firm has a market cap of $116.07 million, a price-to-earnings ratio of 9.62 and a beta of 0.74.
Key Stories Impacting Invesco Oil & Gas Services ETF
Here are the key news stories impacting Invesco Oil & Gas Services ETF this week:
- Negative Sentiment: Wall Street firms including JPMorgan and Citi are cutting long-term oil price forecasts, citing weaker demand that could keep crude prices subdued. Why Wall Street Thinks Cheap Oil Is Here to Stay
- Negative Sentiment: Reuters reported U.S. crude inventories in the Strategic Petroleum Reserve fell to the lowest level since 1983, highlighting ongoing supply dynamics that may reinforce concerns about policy-driven market volatility. Oil stocks in US Strategic Petroleum Reserve fall by 5.5 million to lowest level since 1983
- Negative Sentiment: Multiple market updates point to renewed selling pressure in crude as geopolitical risk premiums ease and analysts see WTI and Brent heading lower, which could reduce spending across the oil services sector. Natural Gas and Oil Forecast: WTI Under $71 While Brent Tests $73 — NatGas Channel Momentum?
- Neutral Sentiment: There are still some offsetting supply-risk headlines from the Middle East, including renewed strikes and shipping disruptions, but recent reports suggest producers are continuing oil and LNG loadings despite the tensions. Middle East producers push on with oil, LNG loadings despite ship attacks
Invesco Oil & Gas Services ETF Company Profile
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.