Short Interest in Chord Energy Co. (NASDAQ:CHRD) Drops By 40.2%

Chord Energy Co. (NASDAQ:CHRD) saw a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 3,450,000 shares, a decrease of 40.2% from the May 31st total of 5,770,000 shares. Based on an average daily trading volume, of 1,060,000 shares, the days-to-cover ratio is presently 3.3 days. Currently, 8.5% of the shares of the stock are short sold.

Analyst Ratings Changes

Several brokerages have weighed in on CHRD. Royal Bank of Canada upped their target price on shares of Chord Energy from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Monday, April 29th. Piper Sandler upped their target price on shares of Chord Energy from $231.00 to $233.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Truist Financial lowered their price target on shares of Chord Energy from $228.00 to $226.00 and set a “buy” rating on the stock in a research report on Monday, June 3rd. Mizuho increased their price target on shares of Chord Energy from $195.00 to $214.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, Bank of America reiterated a “buy” rating and issued a $201.00 price target on shares of Chord Energy in a research report on Friday, June 14th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $204.00.

Chord Energy Trading Up 0.3 %

NASDAQ CHRD traded up $0.55 during mid-day trading on Friday, reaching $167.68. 9,375,473 shares of the stock were exchanged, compared to its average volume of 948,118. Chord Energy has a 1-year low of $145.06 and a 1-year high of $190.23. The business’s fifty day simple moving average is $175.63 and its 200 day simple moving average is $168.91. The stock has a market capitalization of $6.99 billion, a PE ratio of 7.87, a PEG ratio of 0.80 and a beta of 1.05. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.07 and a current ratio of 1.14.

Chord Energy (NASDAQ:CHRD) last announced its earnings results on Tuesday, May 7th. The company reported $5.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.75 by $0.35. Chord Energy had a net margin of 22.67% and a return on equity of 16.57%. The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $771.87 million. During the same quarter last year, the business earned $4.50 earnings per share. Chord Energy’s revenue was up 24.8% compared to the same quarter last year. On average, research analysts anticipate that Chord Energy will post 22.27 earnings per share for the current fiscal year.

Chord Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were paid a dividend of $2.94 per share. This represents a $11.76 dividend on an annualized basis and a yield of 7.01%. The ex-dividend date was Tuesday, May 21st. Chord Energy’s dividend payout ratio is currently 23.46%.

Hedge Funds Weigh In On Chord Energy

A number of large investors have recently bought and sold shares of CHRD. Boston Partners raised its stake in Chord Energy by 107.0% during the first quarter. Boston Partners now owns 1,305,942 shares of the company’s stock worth $232,813,000 after purchasing an additional 674,965 shares during the period. American Century Companies Inc. raised 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 valued at $78,352,000 after acquiring an additional 296,443 shares during the period. AQR Capital Management LLC raised its stake 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 valued at $59,732,000 after acquiring an additional 200,502 shares during the period. Jennison Associates LLC raised its stake in shares of Chord Energy by 40.5% in the 1st quarter. Jennison Associates LLC now owns 524,712 shares of the company’s stock valued at $93,525,000 after acquiring an additional 151,218 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of Chord Energy by 11.0% in the 4th quarter. First Trust Advisors LP now owns 1,402,359 shares of the company’s stock valued at $233,114,000 after acquiring an additional 138,957 shares during the period. Hedge funds and other institutional investors own 97.76% of the company’s stock.

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.