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

Chord Energy Co. (NASDAQ:CHRD) was the recipient of a significant growth in short interest in 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. Based on an average daily volume of 879,900 shares, the days-to-cover ratio is currently 1.9 days. Approximately 2.8% of the company’s shares are sold short.

Analysts Set New Price Targets

A number of research firms have commented on CHRD. UBS Group reduced their price target on Chord Energy from $168.00 to $161.00 and set a “buy” rating on the stock in a research report on Monday, December 9th. Citigroup decreased their target price on Chord Energy from $160.00 to $135.00 and set a “buy” rating for the company in a research note on Tuesday. Truist Financial raised their price objective on shares of Chord Energy from $185.00 to $186.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Royal Bank of Canada dropped their target price on shares of Chord Energy from $185.00 to $180.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 20th. Finally, Piper Sandler cut their target price on shares of Chord Energy from $193.00 to $184.00 and set an “overweight” rating on the stock in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $165.42.

Chord Energy Stock Up 1.2 %

Shares of Chord Energy stock traded up $1.25 during trading hours on Thursday, reaching $102.59. The company’s stock had a trading volume of 579,613 shares, compared to its average volume of 842,794. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.89 and a current ratio of 0.93. The stock’s fifty day simple moving average is $115.91 and its two-hundred day simple moving average is $125.57. The company has a market capitalization of $6.27 billion, a P/E ratio of 5.28, a P/E/G ratio of 5.83 and a beta of 0.98. Chord Energy has a one year low of $99.40 and a one year high of $190.23.

Chord Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Tuesday, March 11th will be issued a $1.30 dividend. 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 a boost from Chord Energy’s previous quarterly dividend of $1.25. Chord Energy’s payout ratio is 32.62%.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Altshuler Shaham Ltd purchased a new stake in shares of Chord Energy during the fourth quarter worth $25,000. Stone House Investment Management LLC purchased a new position in shares of Chord Energy in the third quarter valued at $26,000. Brooklyn Investment Group bought a new stake in shares of Chord Energy during the 4th quarter valued at $29,000. Twin Tree Management LP purchased a new stake in Chord Energy during the 4th quarter worth about $33,000. Finally, Larson Financial Group LLC boosted its stake in Chord Energy by 238.3% in the 4th quarter. Larson Financial Group LLC now owns 318 shares of the company’s stock worth $37,000 after purchasing an additional 224 shares during the period. Institutional investors own 97.76% of the company’s stock.

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.