Chord Energy Co. (NASDAQ:CHRD) Short Interest Up 31.7% in May

Chord Energy Co. (NASDAQ:CHRD) was the target of a significant increase in short interest during the month of May. As of May 31st, there was short interest totalling 5,770,000 shares, an increase of 31.7% from the May 15th total of 4,380,000 shares. Approximately 14.1% of the company’s stock are short sold. Based on an average daily trading volume, of 1,030,000 shares, the short-interest ratio is presently 5.6 days.

Institutional Investors Weigh In On Chord Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Boston Partners raised its stake in shares of Chord Energy by 107.0% in the 1st quarter. Boston Partners now owns 1,305,942 shares of the company’s stock worth $232,813,000 after buying an additional 674,965 shares in the last quarter. FMR LLC boosted its position in shares of Chord Energy by 12.9% during the 3rd quarter. FMR LLC now owns 3,185,243 shares of the company’s stock valued at $516,232,000 after purchasing an additional 364,673 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Chord Energy by 158.5% in the 3rd quarter. American Century Companies Inc. now owns 483,447 shares of the company’s stock worth $78,352,000 after purchasing an additional 296,443 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Chord Energy by 119.3% in the 3rd quarter. AQR Capital Management LLC now owns 368,557 shares of the company’s stock worth $59,732,000 after purchasing an additional 200,502 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in Chord Energy by 40.5% during the first quarter. Jennison Associates LLC now owns 524,712 shares of the company’s stock valued at $93,525,000 after purchasing an additional 151,218 shares during the last quarter. Institutional investors own 97.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on CHRD. Piper Sandler increased their price objective on shares of Chord Energy from $231.00 to $233.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. BMO Capital Markets started coverage on Chord Energy in a research note on Monday, June 3rd. They set an “outperform” rating and a $230.00 price objective on the stock. Truist Financial lowered their price target on Chord Energy from $228.00 to $226.00 and set a “buy” rating for the company in a report on Monday, June 3rd. Stifel Nicolaus raised their price objective on Chord Energy from $178.00 to $211.00 and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Finally, Mizuho boosted their target price on shares of Chord Energy from $195.00 to $214.00 and gave the company a “buy” rating in a research note on Monday, May 13th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $204.00.

Chord Energy Stock Performance

NASDAQ:CHRD traded down $3.44 during mid-day trading on Friday, hitting $162.42. The stock had a trading volume of 800,692 shares, compared to its average volume of 1,770,873. Chord Energy has a 52 week low of $145.06 and a 52 week high of $190.23. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $6.77 billion, a price-to-earnings ratio of 7.62 and a beta of 1.05. The company has a 50 day simple moving average of $179.10 and a 200-day simple moving average of $168.46.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $5.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.75 by $0.35. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $771.87 million. Chord Energy had a return on equity of 16.57% and a net margin of 22.67%. The business’s revenue was up 24.8% on a year-over-year basis. During the same period in the previous year, the firm posted $4.50 earnings per share. On average, research analysts expect that Chord Energy will post 22.63 earnings per share for the current fiscal year.

Chord Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were issued a $2.94 dividend. This represents a $11.76 annualized dividend and a dividend yield of 7.24%. The ex-dividend date was Tuesday, May 21st. Chord Energy’s dividend payout ratio (DPR) is presently 23.46%.

Chord Energy Company Profile

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.