Chord Energy Co. (NASDAQ:CHRD) Short Interest Up 12.0% in August

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

Wall Street Analyst Weigh In

CHRD has been the subject of a number of research reports. Wolfe Research initiated coverage on Chord Energy in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Royal Bank of Canada reissued an “outperform” rating and set a $200.00 target price on shares of Chord Energy in a report on Thursday, September 5th. BMO Capital Markets began coverage on Chord Energy in a research note on Monday, June 3rd. They set an “outperform” rating and a $230.00 price objective for the company. Truist Financial lowered their target price on Chord Energy from $226.00 to $223.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Finally, Jefferies Financial Group assumed coverage on Chord Energy in a research report on Thursday, September 5th. They set a “hold” rating and a $160.00 price target for the company. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Chord Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $202.10.

Insider Activity at Chord Energy

In related news, Director Samantha Holroyd acquired 500 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was purchased at an average cost of $149.51 per share, with a total value of $74,755.00. Following the transaction, the director now directly owns 14,417 shares of the company’s stock, valued at approximately $2,155,485.67. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Fortem Financial Group LLC raised its stake in Chord Energy by 1.6% during the first quarter. Fortem Financial Group LLC now owns 5,958 shares of the company’s stock worth $1,062,000 after purchasing an additional 91 shares during the period. New York State Teachers Retirement System increased its stake in Chord Energy by 0.6% during the first quarter. New York State Teachers Retirement System now owns 15,792 shares of the company’s stock worth $2,815,000 after acquiring an additional 100 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in Chord Energy by 125.9% in the second 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 period. Rise Advisors LLC purchased a new position in shares of Chord Energy during the 1st quarter worth $31,000. Finally, Janney Montgomery Scott LLC boosted its stake in Chord Energy by 2.8% during the fourth 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 period. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Chord Energy Price Performance

Shares of Chord Energy stock traded up $2.52 during mid-day trading on Tuesday, reaching $136.93. 702,020 shares of the stock traded hands, compared to its average volume of 889,752. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 0.11. Chord Energy has a fifty-two week low of $129.75 and a fifty-two week high of $190.23. The stock has a market capitalization of $5.71 billion, a PE ratio of 6.47, a PEG ratio of 4.48 and a beta of 0.99. The business has a 50-day moving average of $155.48 and a 200 day moving average of $167.94.

Chord Energy (NASDAQ:CHRD) last issued its earnings results on Wednesday, August 7th. The company reported $4.69 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 business had revenue of $902.70 million during the quarter, compared to analyst estimates of $982.43 million. During the same quarter last year, the company earned $3.65 earnings per share. Chord Energy’s quarterly revenue was up 29.8% on a year-over-year basis. On average, analysts predict that Chord Energy will post 19.67 EPS for the current year.

Chord Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders 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 yield of 3.65%. The ex-dividend date of this dividend was Wednesday, August 21st. Chord Energy’s dividend payout ratio (DPR) is currently 23.46%.

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.