Chord Energy Co. (NASDAQ:CHRD) Sees Significant Increase in Short Interest

Chord Energy Co. (NASDAQ:CHRD) was the target of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 1,640,000 shares, an increase of 8.6% from the November 30th total of 1,510,000 shares. Based on an average daily volume of 908,400 shares, the days-to-cover ratio is presently 1.8 days. Currently, 2.7% of the company’s stock are short sold.

Insider Buying and Selling

In related news, CAO Shannon Browning Kinney sold 1,000 shares of Chord Energy stock in a transaction on Monday, December 16th. The stock was sold at an average price of $116.35, for a total transaction of $116,350.00. Following the completion of the sale, the chief accounting officer now owns 19,488 shares of the company’s stock, valued at approximately $2,267,428.80. This trade represents a 4.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Chord Energy

A number of hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. raised its position in shares of Chord Energy by 72.5% during the third quarter. Franklin Resources Inc. now owns 27,434 shares of the company’s stock valued at $3,631,000 after buying an additional 11,527 shares during the last quarter. Synovus Financial Corp increased its stake in Chord Energy by 14.9% during the third quarter. Synovus Financial Corp now owns 5,869 shares of the company’s stock valued at $764,000 after acquiring an additional 761 shares during the period. Sanctuary Advisors LLC raised its holdings in Chord Energy by 21.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 5,141 shares of the company’s stock valued at $691,000 after acquiring an additional 892 shares in the last quarter. TCW Group Inc. lifted its position in shares of Chord Energy by 11.7% in the 3rd quarter. TCW Group Inc. now owns 33,540 shares of the company’s stock worth $4,368,000 after acquiring an additional 3,500 shares during the period. Finally, TD Private Client Wealth LLC grew its holdings in shares of Chord Energy by 18.3% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,631 shares of the company’s stock worth $212,000 after purchasing an additional 252 shares in the last quarter. 97.76% of the stock is owned by institutional investors.

Chord Energy Stock Up 2.7 %

CHRD stock opened at $116.92 on Thursday. The stock has a market capitalization of $7.15 billion, a price-to-earnings ratio of 6.02, a price-to-earnings-growth ratio of 4.79 and a beta of 0.96. The company has a 50-day moving average of $123.19 and a two-hundred day moving average of $141.30. Chord Energy has a 52-week low of $109.59 and a 52-week high of $190.23. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.89.

Chord Energy (NASDAQ:CHRD) last announced its earnings results on Wednesday, November 6th. The company reported $3.40 earnings per share for the quarter, missing the consensus estimate of $3.63 by ($0.23). The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.26 billion. Chord Energy had a net margin of 19.74% and a return on equity of 12.88%. Chord Energy’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.04 EPS. As a group, equities research analysts anticipate that Chord Energy will post 16.5 EPS for the current year.

Chord Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Wednesday, November 27th were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 4.28%. The ex-dividend date of this dividend was Wednesday, November 27th. Chord Energy’s payout ratio is currently 25.75%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CHRD. Piper Sandler reduced their price target on Chord Energy from $212.00 to $194.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Wells Fargo & Company lifted their target price on shares of Chord Energy from $175.00 to $176.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Mizuho dropped their price target on shares of Chord Energy from $192.00 to $178.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Royal Bank of Canada reduced their price objective on shares of Chord Energy from $185.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, November 20th. Finally, Siebert Williams Shank upgraded shares of Chord Energy to a “strong-buy” rating in a report on Tuesday, October 15th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Chord Energy has a consensus rating of “Moderate Buy” and an average target price of $182.55.

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.