6 months ago
How are energy investors positioned?
Investing.com -- Hedge fund sentiment toward North American oil and gas stocks is at its strongest in more than a year, according to UBS.
In its August Crowding & Positioning note, UBS said its coverage group, including European integrateds, reached “an average crowding score of 7.3, up from 5.7 in July,” marking “the highest average crowding score seen in over 12 months.”
The bank attributed the move to “positive 2Q25 updates, which highlighted continued operational efficiency gains, corporate cost reduction programs, OBBB tax benefits, and volume beats.”
All four subsectors tracked by UBS saw crowding scores rise month on month.
Integrated oil companies are said to have recorded the largest increase, climbing 4 points to 7.9, with Chevron (NYSE:CVX) shifting “towards a crowded long position following the HES acquisition closing.”
Gas exploration and production remains “the most crowded sub-sector with an average crowding score of 8.6.” Oil E&Ps improved to 7.7, while oilfield services rose modestly to 0.1.
UBS flagged Ovintiv (NYSE:OVV), EQT (ST:EQTAB) and ConocoPhillips (NYSE:COP) as the “most crowded longs,” while Baker Hughes (NASDAQ:BKR), Diamondback (NASDAQ:FANG) Energy and Comstock Resources (NYSE:CRK) were the “most crowded shorts.”
At the stock level, Ovintiv rose 4.4 points to 22.2, which UBS described as “an extremely long crowded position.”
CRC increased 6.3 points to 15.5, while Civitas declined 6.1 points, flipping negative to -5.6.
Among gas names, UBS said Range Resources (NYSE:RRC) climbed 7.6 points to 11.3, while EQT dropped 4.2 points but “remains the most crowded Gas E&P long at 20.2.”
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Within oilfield services, Schlumberger (NYSE:SLB) jumped 8.5 points to 2.0, while Halliburton (NYSE:HAL) remains the most crowded long at 6.7. UBS noted that Baker Hughes’ score of -8.5 makes it “the most crowded short within our coverage universe.”
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