Chord Energy Co. (NASDAQ:CHRD) Short Interest Up 8.4% in March

Chord Energy Co. (NASDAQ:CHRD) was the recipient of a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 3,480,000 shares, a growth of 8.4% from the March 15th total of 3,210,000 shares. Based on an average trading volume of 684,700 shares, the days-to-cover ratio is presently 5.1 days. Approximately 8.5% of the shares of the company are short sold.

Insider Buying and Selling

In other Chord Energy news, CFO Michael H. Lou sold 3,000 shares of Chord Energy stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $154.15, for a total transaction of $462,450.00. Following the completion of the transaction, the chief financial officer now owns 131,209 shares in the company, valued at approximately $20,225,867.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vest Financial LLC boosted its stake in Chord Energy by 36.0% during the fourth quarter. Vest Financial LLC now owns 79,293 shares of the company’s stock worth $13,181,000 after buying an additional 20,995 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Chord Energy by 12.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 491,737 shares of the company’s stock worth $81,742,000 after purchasing an additional 53,992 shares during the last quarter. Natixis Advisors L.P. raised its stake in Chord Energy by 68.5% during the third quarter. Natixis Advisors L.P. now owns 38,458 shares of the company’s stock worth $6,233,000 after purchasing an additional 15,632 shares during the period. Vanguard Group Inc. boosted its holdings in Chord Energy by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 4,351,393 shares of the company’s stock valued at $705,230,000 after purchasing an additional 21,034 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Chord Energy by 7.9% in the 3rd quarter. Invesco Ltd. now owns 444,627 shares of the company’s stock valued at $72,061,000 after buying an additional 32,429 shares during the period. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Chord Energy Price Performance

Shares of CHRD traded down $1.18 during trading hours on Tuesday, hitting $184.13. 373,987 shares of the stock were exchanged, compared to its average volume of 678,159. The stock’s 50-day moving average price is $169.08 and its two-hundred day moving average price is $164.17. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.16 and a current ratio of 1.22. The company has a market cap of $7.65 billion, a price-to-earnings ratio of 7.83 and a beta of 1.06. Chord Energy has a 12-month low of $133.34 and a 12-month high of $190.23.

Chord Energy (NASDAQ:CHRD) last issued its earnings results on Wednesday, February 21st. The company reported $5.25 EPS for the quarter, beating analysts’ consensus estimates of $5.04 by $0.21. The business had revenue of $964.69 million during the quarter, compared to analysts’ expectations of $891.67 million. Chord Energy had a net margin of 26.27% and a return on equity of 16.35%. Research analysts expect that Chord Energy will post 21.97 earnings per share for the current year.

Chord Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Tuesday, March 5th were paid a $3.25 dividend. This represents a $13.00 dividend on an annualized basis and a yield of 7.06%. This is a positive change from Chord Energy’s previous quarterly dividend of $1.25. The ex-dividend date was Monday, March 4th. Chord Energy’s dividend payout ratio (DPR) is 21.25%.

Analyst Ratings Changes

A number of research analysts have weighed in on CHRD shares. Bank of America cut shares of Chord Energy from a “buy” rating to an “underperform” rating and cut their price objective for the company from $177.00 to $165.00 in a report on Friday, January 5th. Piper Sandler lifted their price target on Chord Energy from $218.00 to $219.00 and gave the company an “overweight” rating in a research note on Thursday, March 7th. Truist Financial lowered their price target on Chord Energy from $229.00 to $224.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Stifel Nicolaus boosted their price objective on Chord Energy from $178.00 to $211.00 and gave the company a “buy” rating in a research report on Tuesday, February 27th. Finally, Mizuho increased their target price on Chord Energy from $189.00 to $195.00 and gave the company a “buy” rating in a research report on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Chord Energy presently has an average rating of “Moderate Buy” and a consensus price target of $190.40.

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.