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

Chord Energy Co. (NASDAQ:CHRD) was the target 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. Currently, 8.5% of the shares of the stock are short sold. Based on an average trading volume of 684,700 shares, the days-to-cover ratio is presently 5.1 days.

Chord Energy Stock Down 0.6 %

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

Chord Energy (NASDAQ:CHRD) last issued its earnings results on Wednesday, February 21st. The company reported $5.25 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $891.67 million. On average, analysts predict that Chord Energy will post 21.97 earnings per share for the current fiscal year.

Chord Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Tuesday, March 5th were issued a $3.25 dividend. This represents a $13.00 annualized dividend and a dividend yield of 7.06%. 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. Chord Energy’s dividend payout ratio is currently 21.25%.

Insiders Place Their Bets

In other Chord Energy news, CFO Michael H. Lou sold 3,000 shares of Chord Energy stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $165.00, for a total value of $495,000.00. Following the sale, the chief financial officer now owns 128,209 shares of the company’s stock, valued at approximately $21,154,485. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On Chord Energy

Several hedge funds have recently made changes to their positions in the company. DGS Capital Management LLC purchased a new stake in shares of Chord Energy in the 1st quarter worth $239,000. Tealwood Asset Management Inc. purchased a new stake in shares of Chord Energy during the 1st quarter worth $1,140,000. Rise Advisors LLC purchased a new stake in shares of Chord Energy during the 1st quarter worth $31,000. Insight Wealth Strategies LLC lifted its stake in shares of Chord Energy by 2.1% during the 1st quarter. Insight Wealth Strategies LLC now owns 11,491 shares of the company’s stock worth $2,048,000 after purchasing an additional 231 shares during the last quarter. Finally, Kapitalo Investimentos Ltda purchased a new stake in shares of Chord Energy during the 4th quarter worth $633,000. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on CHRD. Truist Financial cut their target price 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. Piper Sandler boosted their target price on Chord Energy from $218.00 to $219.00 and gave the company an “overweight” rating in a research report on Thursday, March 7th. Bank of America downgraded Chord Energy from a “buy” rating to an “underperform” rating and cut their target price for the company from $177.00 to $165.00 in a research report on Friday, January 5th. Mizuho boosted 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. Finally, Stifel Nicolaus boosted their target price on Chord Energy from $178.00 to $211.00 and gave the company a “buy” rating in a research report on Tuesday, February 27th. One research 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’s stock. According to MarketBeat, Chord Energy has an average rating of “Moderate Buy” and a consensus price target of $190.40.

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.