Exxon tops list of energy shorts, Credit Suisse says

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

Exxon Mobil (XOM) leads the list of energy stocks that institutions and sophisticated investors are shorting, according to a new report from Credit Suisse.

Short sellers see no growth in XOM's overall business, poor execution on recent initiatives, and the need of a portfolio upgrade after totally missing out on huge new plays in east and west Africa.

All the variable rate, high-dividend refiners are being shorted heavily, especially by the hedge funds; examples cited are ALDW, CVRR, NTI.

Offshore drillers including DO, ESV and RIG also are short-selling targets, which CS sees as part of a bifurcation trade against the stocks.