Canadian Natural Resources Ltd. saw short interest surge 280.5% during May.
Shorted shares reached 51.6 million as of May 29. This volume increased from 13.6 million shares reported on May 14. Short positions now represent approximately 2.6% of the company's total shares.
The days-to-cover ratio rose to 7.4 based on average daily trading volume. This bearish sentiment follows first-quarter earnings and revenue that beat analyst expectations. Analysts forecast earnings per share of 4.2 for the current year.