Short Interest in Chord Energy Co. (NASDAQ:CHRD) Drops By 40.2%

Chord Energy Co. (NASDAQ:CHRD) was the target of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 3,450,000 shares, a decrease of 40.2% from the May 31st total of 5,770,000 shares. Currently, 8.5% of the shares of the company are sold short. Based on an average daily volume of 1,060,000 shares, the short-interest ratio is presently 3.3 days.

Institutional Investors Weigh In On Chord Energy

Large investors have recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new stake in Chord Energy during the first quarter valued at about $31,000. Contravisory Investment Management Inc. increased its holdings in shares of Chord Energy by 48.9% in the fourth quarter. Contravisory Investment Management Inc. now owns 259 shares of the company’s stock worth $43,000 after buying an additional 85 shares during the period. SRS Capital Advisors Inc. increased its holdings in shares of Chord Energy by 306.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 293 shares of the company’s stock worth $49,000 after buying an additional 221 shares during the period. Lindbrook Capital LLC increased its holdings in shares of Chord Energy by 67.6% in the fourth quarter. Lindbrook Capital LLC now owns 305 shares of the company’s stock worth $51,000 after buying an additional 123 shares during the period. Finally, Viking Fund Management LLC increased its holdings in shares of Chord Energy by 40.0% in the fourth quarter. Viking Fund Management LLC now owns 350 shares of the company’s stock worth $58,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Chord Energy Price Performance

Shares of CHRD stock traded up $0.55 on Friday, reaching $167.68. The company’s stock had a trading volume of 9,375,473 shares, compared to its average volume of 948,118. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.08. Chord Energy has a 12-month low of $145.06 and a 12-month high of $190.23. The company has a market capitalization of $6.99 billion, a P/E ratio of 7.87, a PEG ratio of 0.80 and a beta of 1.05. The stock’s 50 day simple moving average is $175.63 and its 200-day simple moving average is $168.91.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Tuesday, May 7th. The company reported $5.10 earnings per share for the quarter, beating analysts’ consensus estimates of $4.75 by $0.35. Chord Energy had a return on equity of 16.57% and a net margin of 22.67%. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $771.87 million. During the same quarter last year, the business posted $4.50 earnings per share. The company’s revenue for the quarter was up 24.8% on a year-over-year basis. As a group, equities analysts predict that Chord Energy will post 22.27 earnings per share for the current fiscal year.

Chord Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were given a dividend of $2.94 per share. The ex-dividend date was Tuesday, May 21st. This represents a $11.76 dividend on an annualized basis and a yield of 7.01%. Chord Energy’s payout ratio is 23.46%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Bank of America reaffirmed a “buy” rating and issued a $201.00 price target on shares of Chord Energy in a report on Friday, June 14th. Mizuho raised their price target on Chord Energy from $195.00 to $214.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Piper Sandler raised their price target on Chord Energy from $231.00 to $233.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Royal Bank of Canada raised their price target on Chord Energy from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Monday, April 29th. Finally, Truist Financial cut their price target on Chord Energy from $228.00 to $226.00 and set a “buy” rating for the company in a report on Monday, June 3rd. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $204.00.

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.