Chord Energy Co. (NASDAQ:CHRD) Sees Large Drop in Short Interest

Chord Energy Co. (NASDAQ:CHRD) was the target of a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 2,460,000 shares, a decline of 6.8% from the September 30th total of 2,640,000 shares. Based on an average trading volume of 793,700 shares, the short-interest ratio is currently 3.1 days. Currently, 4.0% of the shares of the company are sold short.

Analyst Ratings Changes

CHRD has been the subject of several analyst reports. Wells Fargo & Company cut their price objective on shares of Chord Energy from $185.00 to $180.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Siebert Williams Shank upgraded Chord Energy to a “strong-buy” rating in a research note on Tuesday, October 15th. BMO Capital Markets lowered their price target on shares of Chord Energy from $205.00 to $175.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Jefferies Financial Group initiated coverage on shares of Chord Energy in a report on Thursday, September 5th. They set a “hold” rating and a $160.00 target price on the stock. Finally, Citigroup decreased their price target on shares of Chord Energy from $195.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Chord Energy presently has an average rating of “Moderate Buy” and an average price target of $190.18.

Chord Energy Trading Down 0.1 %

NASDAQ CHRD traded down $0.16 during trading on Friday, hitting $124.94. The company had a trading volume of 191,597 shares, compared to its average volume of 872,483. Chord Energy has a one year low of $124.50 and a one year high of $190.23. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. The company’s fifty day moving average is $134.69 and its 200-day moving average is $158.56. The company has a market cap of $7.73 billion, a price-to-earnings ratio of 6.07, a price-to-earnings-growth ratio of 4.90 and a beta of 0.97.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $4.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.00 by ($0.31). Chord Energy had a return on equity of 15.06% and a net margin of 20.83%. The firm had revenue of $902.70 million during the quarter, compared to the consensus estimate of $982.43 million. Chord Energy’s revenue for the quarter was up 29.8% compared to the same quarter last year. During the same quarter last year, the company posted $3.65 EPS. On average, sell-side analysts predict that Chord Energy will post 17.07 earnings per share for the current year.

Chord Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Wednesday, August 21st were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date of this dividend was Wednesday, August 21st. Chord Energy’s dividend payout ratio (DPR) is presently 24.27%.

Insiders Place Their Bets

In other news, Director Samantha Holroyd purchased 500 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were purchased at an average price 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. This represents a 0.00 % increase in their ownership of the stock. The purchase 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 Trading of Chord Energy

Institutional investors have recently bought and sold shares of the company. Hexagon Capital Partners LLC grew its holdings in shares of Chord Energy by 462.9% during the third quarter. Hexagon Capital Partners LLC now owns 197 shares of the company’s stock valued at $26,000 after buying an additional 162 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Chord Energy by 77.7% during the third quarter. UMB Bank n.a. now owns 231 shares of the company’s stock valued at $30,000 after buying an additional 101 shares during the last quarter. Spartan Fund Management Inc. bought a new stake in shares of Chord Energy in the third quarter worth approximately $34,000. Ashton Thomas Private Wealth LLC purchased a new stake in Chord Energy during the 2nd quarter valued at $40,000. Finally, Benjamin F. Edwards & Company Inc. increased its position in Chord Energy by 125.9% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 244 shares of the company’s stock valued at $41,000 after acquiring an additional 136 shares during the last quarter. 97.76% of the stock is owned by hedge funds and other institutional investors.

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.