Short interest in Canadian Natural Resources surged 280.5% during May. Total shorted shares rose from 13.56 million to 51.6 million. This volume represents approximately 2.6% of the company's outstanding shares.
The days-to-cover ratio reached 7.4 days based on average daily trading volume. Bearish bets increased despite the company reporting quarterly earnings and revenue that exceeded analyst expectations. The growing short position may increase stock price volatility as investors react to the negative sentiment.