Short Interest in Chord Energy Co. (NASDAQ:CHRD) Increases By 12.0%

Chord Energy Co. (NASDAQ:CHRD) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 2,810,000 shares, an increase of 12.0% from the August 15th total of 2,510,000 shares. Based on an average trading volume of 958,000 shares, the days-to-cover ratio is currently 2.9 days. Approximately 4.6% of the shares of the stock are short sold.

Chord Energy Price Performance

CHRD stock opened at $136.93 on Wednesday. The firm has a market cap of $5.71 billion, a P/E ratio of 6.43, a P/E/G ratio of 4.48 and a beta of 0.99. The firm’s fifty day moving average is $154.86 and its 200 day moving average is $167.75. Chord Energy has a 52 week low of $129.75 and a 52 week high of $190.23. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.91 and a current ratio of 0.96.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $4.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.00 by ($0.31). Chord Energy had a net margin of 20.83% and a return on equity of 15.06%. The company had revenue of $902.70 million for the quarter, compared to the consensus estimate of $982.43 million. During the same period last year, the business posted $3.65 earnings per share. The firm’s quarterly revenue was up 29.8% compared to the same quarter last year. Research analysts predict that Chord Energy will post 19.67 earnings per share for the current year.

Chord Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Wednesday, August 21st were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date was Wednesday, August 21st. Chord Energy’s dividend payout ratio (DPR) is presently 23.46%.

Insider Activity at Chord Energy

In related news, Director Samantha Holroyd acquired 500 shares of the stock in a transaction dated Friday, August 23rd. The stock was bought at an average cost of $149.51 per share, for a total transaction of $74,755.00. Following the completion of the transaction, the director now directly owns 14,417 shares of the company’s stock, valued at $2,155,485.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Fortem Financial Group LLC increased its position in shares of Chord Energy by 1.6% in the first quarter. Fortem Financial Group LLC now owns 5,958 shares of the company’s stock valued at $1,062,000 after acquiring an additional 91 shares during the period. New York State Teachers Retirement System increased its holdings in Chord Energy by 0.6% during the 1st quarter. New York State Teachers Retirement System now owns 15,792 shares of the company’s stock valued at $2,815,000 after purchasing an additional 100 shares during the period. Benjamin F. Edwards & Company Inc. raised its position in Chord Energy by 125.9% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 244 shares of the company’s stock valued at $41,000 after purchasing an additional 136 shares during the last quarter. Rise Advisors LLC purchased a new stake in Chord Energy in the 1st quarter worth approximately $31,000. Finally, Janney Montgomery Scott LLC grew its position in shares of Chord Energy by 2.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 6,531 shares of the company’s stock worth $1,086,000 after buying an additional 175 shares during the last quarter. 97.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CHRD shares. BMO Capital Markets started coverage on shares of Chord Energy in a report on Monday, June 3rd. They issued an “outperform” rating and a $230.00 price target on the stock. Piper Sandler lowered their target price on shares of Chord Energy from $234.00 to $206.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Jefferies Financial Group began coverage on shares of Chord Energy in a research report on Thursday, September 5th. They set a “hold” rating and a $160.00 price target for the company. Citigroup dropped their price objective on Chord Energy from $195.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $200.00 price target on shares of Chord Energy in a report on Thursday, September 5th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $202.10.

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.