Chord Energy Corporation (NASDAQ:CHRD) Short Interest Up 20.9% in March

Chord Energy Corporation (NASDAQ:CHRD) saw a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 4,394,786 shares, a growth of 20.9% from the February 26th total of 3,635,155 shares. Based on an average trading volume of 1,594,886 shares, the days-to-cover ratio is presently 2.8 days. Currently, 7.8% of the company’s shares are short sold.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CHRD shares. Morgan Stanley raised shares of Chord Energy from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $114.00 to $168.00 in a research note on Friday. UBS Group upped their price target on shares of Chord Energy from $119.00 to $142.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Scotiabank upgraded Chord Energy to a “hold” rating in a report on Friday. Weiss Ratings raised Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, March 17th. Finally, Citigroup boosted their price objective on Chord Energy from $97.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, March 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $138.92.

Chord Energy Trading Down 3.0%

Shares of NASDAQ:CHRD traded down $4.44 during mid-day trading on Tuesday, hitting $141.81. The company had a trading volume of 742,595 shares, compared to its average volume of 1,031,781. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.06 and a quick ratio of 0.98. Chord Energy has a one year low of $79.83 and a one year high of $148.41. The firm has a fifty day moving average price of $111.95 and a 200 day moving average price of $100.33. The company has a market capitalization of $8.04 billion, a PE ratio of 225.47 and a beta of 0.84.

Chord Energy (NASDAQ:CHRD) last issued its earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.11. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.03 billion. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. Chord Energy’s revenue was down 19.6% on a year-over-year basis. During the same period in the prior year, the firm earned $3.49 earnings per share. As a group, research analysts forecast that Chord Energy will post 15.59 EPS for the current year.

Chord Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Thursday, March 12th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Thursday, March 12th. Chord Energy’s dividend payout ratio is 825.40%.

Insider Buying and Selling

In related news, Director Douglas E. Brooks sold 2,126 shares of the company’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $120.28, for a total value of $255,715.28. Following the sale, the director directly owned 25,181 shares in the company, valued at $3,028,770.68. This represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Lara J. Kroll sold 5,000 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $113.66, for a total transaction of $568,300.00. Following the sale, the chief accounting officer directly owned 8,921 shares of the company’s stock, valued at $1,013,960.86. This represents a 35.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 23,927 shares of company stock valued at $2,912,028 in the last ninety days. Insiders own 0.79% of the company’s stock.

Institutional Trading of Chord Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHRD. Victory Capital Management Inc. boosted its holdings in Chord Energy by 5.4% in the third quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company’s stock worth $314,661,000 after acquiring an additional 163,125 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Chord Energy by 15.6% during the fourth quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company’s stock worth $190,346,000 after purchasing an additional 277,588 shares during the period. Wellington Management Group LLP raised its position in shares of Chord Energy by 6.1% during the fourth quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company’s stock worth $167,743,000 after purchasing an additional 104,373 shares during the period. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Chord Energy by 18.4% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company’s stock worth $115,305,000 after purchasing an additional 193,469 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Chord Energy by 85.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company’s stock worth $112,927,000 after purchasing an additional 561,899 shares in the last quarter. 97.76% of the stock is owned by institutional investors.

Chord Energy Company Profile

Chord Energy Corporation (NASDAQ: CHRD), formerly known as Oasis Petroleum Inc, is an independent exploration and production company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Headquartered in Houston, Texas, Chord Energy emerged from financial restructuring in early 2021 and rebranded in October 2022 to reflect its renewed strategic vision.

The company’s core operations are concentrated in two prolific U.S. resource plays: the Williston Basin across North Dakota and Montana, and the Delaware Basin spanning parts of West Texas and southeastern New Mexico.