to cover their positions before the NGAS and Nuloch deals start closing. Something will have to give soon. Short interest is increasing at a time when MHR will soon be very under valued.
7. Magnum Hunter Resources Corp. (MHR): Oil & Gas Drilling & Exploration Industry. Market cap of $574.21M. The stock is currently trading 8.46% above its 20-day MA, 5.55% above its 50-day MA, and 41.82% above its 200-day MA. Short float at 17.97%. Shares shorted have increased from 9.57M to 11.30M (18.08% change).
Short Interest: 5/31/2011 = 16,282,670 6/15/2011 = 20,034,566 Short Interest Increase = 3,751,896 Total Shorted Shares within Two Week Period = 13,711,662 Total Covered Shares = 9,959,766
The above data is based on public info from the FINRA website for the Nasdaq tally % converted to total short volume based on Nasdaq Short %. If you like to confirm numbers you need to download the daily data on your personal computer and analyze it.
So none of the shorts were arbs? Crazy. If people were short ngas or nuloch at the time of the merger would they convert to mhr shorts? 16% short interest is crazy high compared to other similar size e&ps. Just don't get it, as the rest of the sector comes off morning lows still oodles of mhr shares willing to be sold in the 5s?