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

Chord Energy Co. (NASDAQ:CHRD) was the target of a large decrease in short interest in January. As of January 31st, there was short interest totalling 1,390,000 shares, a decrease of 14.2% from the January 15th total of 1,620,000 shares. Based on an average daily trading volume, of 884,800 shares, the days-to-cover ratio is presently 1.6 days. Approximately 2.3% of the shares of the company are short sold.

Chord Energy Price Performance

Shares of NASDAQ:CHRD opened at $110.93 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.89 and a debt-to-equity ratio of 0.10. Chord Energy has a 1 year low of $107.24 and a 1 year high of $190.23. The business has a fifty day simple moving average of $116.95 and a 200 day simple moving average of $128.95. The firm has a market cap of $6.78 billion, a price-to-earnings ratio of 5.71, a P/E/G ratio of 5.46 and a beta of 0.98.

Chord Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Wednesday, November 27th were issued a dividend of $1.25 per share. The ex-dividend date was Wednesday, November 27th. This represents a $5.00 annualized dividend and a dividend yield of 4.51%. Chord Energy’s dividend payout ratio is 25.75%.

Insider Buying and Selling

In other Chord Energy news, CAO Shannon Browning Kinney sold 1,000 shares of the 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 transaction, the chief accounting officer now directly 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.70% of the company’s stock.

Institutional Trading of Chord Energy

Several hedge funds and other institutional investors have recently modified their holdings of the company. Worldquant Millennium Advisors LLC purchased a new stake in shares of Chord Energy during the fourth quarter worth $11,534,000. Woodline Partners LP raised its holdings in shares of Chord Energy by 16.4% during the fourth quarter. Woodline Partners LP now owns 748,966 shares of the company’s stock worth $87,569,000 after acquiring an additional 105,448 shares in the last quarter. Vident Advisory LLC raised its holdings in shares of Chord Energy by 39.8% during the fourth quarter. Vident Advisory LLC now owns 18,805 shares of the company’s stock worth $2,199,000 after acquiring an additional 5,353 shares in the last quarter. Sourcerock Group LLC raised its holdings in shares of Chord Energy by 214.9% during the fourth quarter. Sourcerock Group LLC now owns 314,870 shares of the company’s stock worth $36,815,000 after acquiring an additional 214,870 shares in the last quarter. Finally, Westwood Holdings Group Inc. increased its position in Chord Energy by 11.4% during the fourth quarter. Westwood Holdings Group Inc. now owns 260,607 shares of the company’s stock worth $30,470,000 after buying an additional 26,743 shares during the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CHRD has been the subject of a number of research reports. Royal Bank of Canada decreased their price target on Chord Energy from $185.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, November 20th. Truist Financial increased their price objective on Chord Energy from $185.00 to $186.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Bank of America reiterated a “neutral” rating and set a $138.00 price objective (down previously from $208.00) on shares of Chord Energy in a research report on Monday, January 13th. Wolfe Research upgraded Chord Energy from a “peer perform” rating to an “outperform” rating and set a $155.00 price objective for the company in a research report on Friday, January 3rd. Finally, UBS Group cut their price objective on Chord Energy from $168.00 to $161.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $173.08.

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.