Short Interest in Chord Energy Corporation (NASDAQ:CHRD) Declines By 27.8%

Key Points

• Short interest in Chord Energy fell by 27.8% in April to 2,895,184 shares, equal to about 5.1% of the shares outstanding and a days-to-cover ratio of 2.9.
• Shares traded near $144.35 (close to a 12‑month high of $148.41) with a market cap of $8.18 billion and a high trailing P/E of 229.47.
• The company pays a $1.30 quarterly dividend (annualized $5.20, 3.6% yield) but has an unusually high dividend payout ratio of 825.4%, while analysts' consensus is a "Moderate Buy" with a $152.23 target.

Chord Energy Corporation (NASDAQ:CHRD - Get Free Report) saw a large decline in short interest in April. As of April 15th, there was short interest totaling 2,895,184 shares, a decline of 27.8% from the March 31st total of 4,012,396 shares. Approximately 5.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 987,254 shares, the days-to-cover ratio is presently 2.9 days.

Chord Energy Price Performance

Shares of NASDAQ CHRD traded up $4.12 during mid-day trading on Wednesday, hitting $144.35. 491,482 shares of the stock traded hands, compared to its average volume of 1,000,895. 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 twelve month low of $84.25 and a twelve month high of $148.41. The company has a market cap of $8.18 billion, a PE ratio of 229.47 and a beta of 0.66. The firm has a 50 day simple moving average of $127.38 and a two-hundred day simple moving average of $105.46.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its quarterly earnings data on Wednesday, February 25th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.11. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the business posted $3.49 EPS. Chord Energy's revenue for the quarter was down 19.6% on a year-over-year basis. As a group, equities research analysts forecast that Chord Energy will post 16.13 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Thursday, March 12th were issued a dividend of $1.30 per share. The ex-dividend date of this dividend was Thursday, March 12th. This represents a $5.20 annualized dividend and a dividend yield of 3.6%. Chord Energy's dividend payout ratio (DPR) is 825.40%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CHRD. UBS Group boosted their target price 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. Roth Mkm restated a "buy" rating and issued a $140.00 target price (up from $130.00) on shares of Chord Energy in a research report on Friday, April 17th. Jefferies Financial Group set a $99.00 target price on shares of Chord Energy in a research report on Saturday, January 17th. Wall Street Zen upgraded shares of Chord Energy from a "sell" rating to a "hold" rating in a research report on Saturday, March 28th. Finally, Scotiabank upped their price objective on shares of Chord Energy from $114.00 to $135.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $152.23.

Insider Activity

In other news, EVP Shannon Browning Kinney sold 1,801 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total value of $205,962.36. Following the completion of the transaction, the executive vice president directly owned 20,188 shares in the company, valued at approximately $2,308,699.68. The trade was a 8.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Douglas E. Brooks sold 2,126 shares of the business's stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $120.28, for a total transaction of $255,715.28. Following the completion of the transaction, the director owned 25,181 shares of the company's stock, valued at $3,028,770.68. The trade was a 7.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 23,927 shares of company stock valued at $2,912,028 over the last quarter. 0.79% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Chord Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHRD. Massachusetts Financial Services Co. MA acquired a new position in Chord Energy in the 3rd quarter valued at approximately $91,434,000. Orion Porfolio Solutions LLC increased its position in Chord Energy by 6,714.2% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company's stock valued at $68,675,000 after acquiring an additional 698,680 shares during the period. Dimensional Fund Advisors LP increased its position in Chord Energy by 85.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company's stock valued at $112,927,000 after acquiring an additional 561,899 shares during the period. AQR Capital Management LLC increased its position in Chord Energy by 210.5% in the 2nd quarter. AQR Capital Management LLC now owns 734,225 shares of the company's stock valued at $71,110,000 after acquiring an additional 497,789 shares during the period. Finally, Barclays PLC increased its position in Chord Energy by 186.2% in the 3rd quarter. Barclays PLC now owns 501,170 shares of the company's stock valued at $49,801,000 after acquiring an additional 326,054 shares during the period. 97.76% of the stock is currently owned by institutional investors and hedge funds.

About Chord Energy

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.

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