Chord Energy Co. (NASDAQ:CHRD) Sees Significant Increase in Short Interest

Chord Energy Co. (NASDAQ:CHRD) saw a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 1,640,000 shares, an increase of 8.6% from the November 30th total of 1,510,000 shares. Currently, 2.7% of the shares of the company are sold short. Based on an average trading volume of 908,400 shares, the days-to-cover ratio is presently 1.8 days.

Insider Activity

In other news, CAO Shannon Browning Kinney sold 1,000 shares of Chord Energy stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $121.27, for a total transaction of $121,270.00. Following the sale, the chief accounting officer now owns 20,488 shares of the company’s stock, valued at approximately $2,484,579.76. The trade was a 4.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. lifted its position in shares of Chord Energy by 41.3% in the 3rd quarter. Victory Capital Management Inc. now owns 2,245,435 shares of the company’s stock valued at $292,423,000 after acquiring an additional 656,374 shares in the last quarter. Geode Capital Management LLC raised its stake in Chord Energy by 3.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,162,442 shares of the company’s stock valued at $151,077,000 after purchasing an additional 34,156 shares during the period. Bank of Montreal Can lifted its holdings in shares of Chord Energy by 956.5% in the second quarter. Bank of Montreal Can now owns 58,359 shares of the company’s stock valued at $9,873,000 after purchasing an additional 52,835 shares in the last quarter. Foundry Partners LLC boosted its position in shares of Chord Energy by 22.7% in the third quarter. Foundry Partners LLC now owns 52,009 shares of the company’s stock worth $6,773,000 after buying an additional 9,613 shares during the period. Finally, Caxton Associates LP purchased a new position in shares of Chord Energy during the second quarter valued at $2,515,000. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on CHRD shares. Piper Sandler cut their target price on Chord Energy from $212.00 to $194.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. BMO Capital Markets cut their price objective on shares of Chord Energy from $205.00 to $175.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. UBS Group decreased their target price on shares of Chord Energy from $168.00 to $161.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Royal Bank of Canada dropped their price target on shares of Chord Energy from $185.00 to $180.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 20th. Finally, Truist Financial decreased their price objective on shares of Chord Energy from $223.00 to $185.00 and set a “buy” rating for the company in a report on Monday, September 30th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Chord Energy has an average rating of “Moderate Buy” and a consensus target price of $182.55.

Chord Energy Trading Up 2.7 %

Chord Energy stock opened at $116.92 on Thursday. The firm has a market cap of $7.15 billion, a price-to-earnings ratio of 6.02, a price-to-earnings-growth ratio of 4.79 and a beta of 0.96. Chord Energy has a 1 year low of $109.59 and a 1 year high of $190.23. The firm’s 50 day moving average price is $123.19 and its two-hundred day moving average price is $141.30. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.89 and a current ratio of 0.93.

Chord Energy (NASDAQ:CHRD) last issued its earnings results on Wednesday, November 6th. The company reported $3.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.63 by ($0.23). Chord Energy had a return on equity of 12.88% and a net margin of 19.74%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the firm earned $5.04 earnings per share. The business’s revenue was up 33.4% compared to the same quarter last year. On average, research analysts predict that Chord Energy will post 16.5 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Wednesday, November 27th were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date was Wednesday, November 27th. Chord Energy’s dividend payout ratio is presently 25.75%.

About Chord Energy

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.