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Chevron Surpasses Tesla as the Most Shorted U.S. Large-Cap Stock

U.S. oil and gas supermajor Chevron ousted Tesla to top the list of the most shorted large-cap stock in the Americas in April, the Shortside Crowdedness Report from Hazeltree showed on Tuesday.  

Bets that Chevron’s shares would fall jumped in April as oil prices declined in the second half of the month with a tentative easing of the geopolitical tensions in the Middle East. In addition, Chevron’s proposal to buy Hess is getting increased scrutiny from regulators and politicians, while the supermajor is locked in an arbitration procedure with the other U.S. giant, Exxon, regarding Exxon’s right to first refusal for Hess’s stake in the Exxon-led huge oil projects offshore Guyana.   

So Chevron ousted Tesla from the top spot of the most shorted stock in April, according to the report from Hazeltree, an intelligent operations technology company for the alternative asset industry, which aggregated data from approximately 700 asset manager funds.

“It was notable to see Tesla drop out of the most shorted security spot on our list this month,” said Tim Smith, managing director of data insights at Hazeltree.

“It has been a frontrunner nearly every month since we’ve launched the report.”

Chevron, however, has gained 10% on the NYSE so far this year and inched up by 1.4% in the month of April alone.

While Exxon completed its $60-billion acquisition of Pioneer Natural Resources, Chevron has yet to do so with its proposed acquisition of Hess.

Last month, Hess said that Chevron’s acquisition could be delayed until next year due to Exxon Mobil’s arbitration case.

Moreover, a growing number of Democrats are calling for regulators to stop the planned deal.

On Sunday, Senate Majority Leader Chuck Schumer called on the Federal Trade Commission (FTC) to stop the transaction, claiming it would be detrimental to consumers.

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“It would give Big Oil more fuel to raise gas prices. Trump might be hosting dinners for Big Oil execs, but the FTC should side with consumers and pump the breaks on this deal,” Schumer wrote on X on Sunday.

By Charles Kennedy for Oilprice.com

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