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

Chord Energy Co. (NASDAQ:CHRD - Get Free Report) was the recipient of a significant drop in short interest during the month of January. As of January 31st, there was short interest totalling 1,390,000 shares, a drop of 14.2% from the January 15th total of 1,620,000 shares. Currently, 2.3% of the company's shares are sold short. Based on an average daily trading volume, of 884,800 shares, the days-to-cover ratio is presently 1.6 days.

Insider Activity

In related news, CAO Shannon Browning Kinney sold 1,000 shares of the firm's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $116.35, for a total value of $116,350.00. Following the sale, the chief accounting officer now directly owns 19,488 shares of the company's stock, valued at $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 available through this link. Insiders own 0.70% of the company's stock.

Institutional Investors Weigh In On Chord Energy

A number of hedge funds have recently modified their holdings of CHRD. GF Fund Management CO. LTD. bought a new position in Chord Energy in the 4th quarter worth $2,197,000. GTS Securities LLC bought a new position in Chord Energy in the 4th quarter worth $1,183,000. CSS LLC IL boosted its holdings in Chord Energy by 30.9% in the 4th quarter. CSS LLC IL now owns 21,157 shares of the company's stock worth $2,474,000 after buying an additional 4,994 shares during the period. Worldquant Millennium Advisors LLC bought a new position in Chord Energy in the 4th quarter worth $11,534,000. Finally, Woodline Partners LP boosted its holdings in Chord Energy by 16.4% in the 4th quarter. Woodline Partners LP now owns 748,966 shares of the company's stock worth $87,569,000 after buying an additional 105,448 shares during the period. Institutional investors own 97.76% of the company's stock.

Chord Energy Stock Performance

NASDAQ:CHRD traded up $1.32 during trading hours on Thursday, reaching $115.67. The company had a trading volume of 685,978 shares, compared to its average volume of 738,730. 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 52 week low of $107.24 and a 52 week high of $190.23. The firm has a market cap of $7.07 billion, a price-to-earnings ratio of 5.96, a PEG ratio of 5.65 and a beta of 0.98. The firm's 50 day moving average price is $116.65 and its 200-day moving average price is $128.46.

Chord Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Wednesday, November 27th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date was Wednesday, November 27th. Chord Energy's payout ratio is 25.75%.

Analyst Upgrades and Downgrades

CHRD has been the topic of several recent analyst reports. Mizuho cut their target price on 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 cut their target price on Chord Energy from $185.00 to $180.00 and set an "outperform" rating on the stock in a research note on Wednesday, November 20th. Piper Sandler cut their price objective on Chord Energy from $194.00 to $193.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 15th. Wolfe Research raised Chord Energy from a "peer perform" rating to an "outperform" rating and set a $155.00 price objective on the stock in a research report on Friday, January 3rd. Finally, Bank of America reaffirmed a "neutral" rating and set a $138.00 price objective (down from $208.00) on shares of Chord Energy in a research report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently 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.