Short Interest in Chord Energy Co. (NASDAQ:CHRD) Expands By 21.6%

Chord Energy Co. (NASDAQ:CHRD) was the recipient of a large growth in short interest during the month of February. As of February 15th, there was short interest totalling 1,690,000 shares, a growth of 21.6% from the January 31st total of 1,390,000 shares. Currently, 2.8% of the company’s stock are short sold. Based on an average daily volume of 879,900 shares, the days-to-cover ratio is currently 1.9 days.

Insiders Place Their Bets

In other Chord Energy news, CAO Shannon Browning Kinney sold 1,000 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $116.35, for a total value of $116,350.00. Following the completion of the sale, the chief accounting officer now owns 19,488 shares in the company, valued at $2,267,428.80. This trade represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Chord Energy by 10.5% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,181 shares of the company’s stock worth $284,000 after acquiring an additional 207 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Chord Energy by 22.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,705 shares of the company’s stock worth $483,000 after purchasing an additional 680 shares in the last quarter. New York State Teachers Retirement System lifted its stake in Chord Energy by 0.4% in the 3rd quarter. New York State Teachers Retirement System now owns 27,274 shares of the company’s stock valued at $3,552,000 after purchasing an additional 100 shares during the last quarter. First Trust Direct Indexing L.P. acquired a new stake in Chord Energy in the third quarter valued at approximately $228,000. Finally, Janney Montgomery Scott LLC grew its stake in shares of Chord Energy by 12.2% during the third quarter. Janney Montgomery Scott LLC now owns 19,621 shares of the company’s stock worth $2,555,000 after buying an additional 2,129 shares during the last quarter. 97.76% of the stock is owned by institutional investors.

Chord Energy Stock Performance

Shares of CHRD traded up $1.25 during mid-day trading on Thursday, hitting $102.59. 579,613 shares of the company’s stock were exchanged, compared to its average volume of 842,794. The firm has a market cap of $6.27 billion, a price-to-earnings ratio of 5.28, a price-to-earnings-growth ratio of 5.83 and a beta of 0.98. Chord Energy has a 52 week low of $99.40 and a 52 week high of $190.23. The company has a quick ratio of 0.89, a current ratio of 0.93 and a debt-to-equity ratio of 0.10. The stock’s 50-day simple moving average is $115.91 and its 200-day simple moving average is $125.57.

Chord Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Tuesday, March 11th will be issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.07%. The ex-dividend date of this dividend is Tuesday, March 11th. This is an increase from Chord Energy’s previous quarterly dividend of $1.25. Chord Energy’s dividend payout ratio is 32.62%.

Analyst Upgrades and Downgrades

CHRD has been the subject of a number of research analyst reports. Wolfe Research upgraded Chord Energy from a “peer perform” rating to an “outperform” rating and set a $155.00 price target for the company in a report on Friday, January 3rd. Mizuho dropped their price target on Chord Energy from $192.00 to $178.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. UBS Group cut their price target on Chord Energy from $168.00 to $161.00 and set a “buy” rating for the company in a report on Monday, December 9th. Royal Bank of Canada decreased their price objective on shares of Chord Energy from $185.00 to $180.00 and set an “outperform” rating on the stock in a report on Wednesday, November 20th. Finally, Wells Fargo & Company cut their target price on shares of Chord Energy from $176.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $165.42.

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.