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

Chord Energy Co. (NASDAQ:CHRD) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 3,480,000 shares, an increase of 8.4% from the March 15th total of 3,210,000 shares. Based on an average daily 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.

Wall Street Analyst Weigh In

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

Insider Activity

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 of the company’s stock, valued at approximately $20,225,867.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in Chord Energy by 50.4% in the first quarter. BlackRock Inc. now owns 4,888,058 shares of the company’s stock valued at $657,933,000 after buying an additional 1,638,278 shares during the period. First Trust Advisors LP lifted its position in shares of Chord Energy by 514.8% during the first quarter. First Trust Advisors LP now owns 1,477,124 shares of the company’s stock worth $198,821,000 after purchasing an additional 1,236,882 shares during the last quarter. Charles Schwab Investment Management Inc. acquired a new position in Chord Energy in the fourth quarter valued at approximately $59,579,000. FMR LLC grew its holdings in shares of Chord Energy by 12.9% during the third 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 during the last quarter. Finally, State Street Corp raised its position in shares of Chord Energy by 22.5% during the 1st quarter. State Street Corp now owns 1,903,685 shares of the company’s stock worth $256,236,000 after purchasing an additional 349,592 shares during the period. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Chord Energy Stock Down 0.6 %

Shares of CHRD traded down $1.18 during mid-day trading on Tuesday, hitting $184.13. 373,987 shares of the company’s stock were exchanged, compared to its average volume of 678,159. The stock’s 50-day moving average is $169.08 and its 200-day moving average is $164.17. The company has a market cap of $7.65 billion, a price-to-earnings ratio of 7.83 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.16 and a current ratio of 1.22. Chord Energy has a fifty-two week low of $133.34 and a fifty-two week high of $190.23.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings data on Wednesday, February 21st. The company reported $5.25 EPS for the quarter, beating analysts’ consensus estimates of $5.04 by $0.21. Chord Energy had a return on equity of 16.35% and a net margin of 26.27%. The business had revenue of $964.69 million for the quarter, compared to the consensus estimate of $891.67 million. On average, sell-side analysts anticipate that Chord Energy will post 21.97 earnings per share for the current fiscal year.

Chord Energy Increases Dividend

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

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.