Investors Buy High Volume of Put Options on Chord Energy (NASDAQ:CHRD)

Chord Energy Corporation (NASDAQ:CHRD) saw unusually large options trading activity on Monday. Investors purchased 4,574 put options on the stock. This is an increase of approximately 1,979% compared to the typical daily volume of 220 put options.

Insiders Place Their Bets

In other news, Director Douglas Brooks sold 8,000 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the completion of the sale, the director directly owned 10,705 shares of the company’s stock, valued at $1,425,263.70. This represents a 42.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Samantha Mckinney sold 9,750 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $149.94, for a total transaction of $1,461,915.00. Following the completion of the transaction, the director directly owned 7,280 shares of the company’s stock, valued at $1,091,563.20. This represents a 57.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 23,969 shares of company stock worth $3,389,599. 0.79% of the stock is owned by insiders.

Institutional Investors Weigh In On Chord Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bessemer Group Inc. raised its stake in Chord Energy by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock valued at $27,000 after purchasing an additional 74 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Chord Energy by 330.9% during the 2nd quarter. Versant Capital Management Inc now owns 237 shares of the company’s stock worth $27,000 after purchasing an additional 182 shares during the period. V Square Quantitative Management LLC bought a new position in shares of Chord Energy during the 1st quarter worth about $29,000. Alpine Bank Wealth Management bought a new position in shares of Chord Energy during the 3rd quarter worth about $29,000. Finally, Root Financial Partners LLC raised its position in shares of Chord Energy by 178.6% during the first quarter. Root Financial Partners LLC now owns 234 shares of the company’s stock valued at $33,000 after buying an additional 150 shares during the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.

Chord Energy Stock Performance

Shares of Chord Energy stock traded down $1.39 during trading on Monday, reaching $156.74. The company’s stock had a trading volume of 118,808 shares, compared to its average volume of 854,010. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.15 and a current ratio of 1.22. The business’s fifty day moving average price is $145.07 and its 200-day moving average price is $137.10. The firm has a market cap of $8.57 billion, a price-to-earnings ratio of 10.51 and a beta of 0.59. Chord Energy has a one year low of $84.25 and a one year high of $159.96.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $6.44 earnings per share for the quarter, missing the consensus estimate of $6.55 by ($0.11). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%. The business had revenue of $2.17 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same period in the prior year, the firm posted $1.79 EPS. Chord Energy’s revenue for the quarter was up 128.6% on a year-over-year basis. As a group, equities research analysts predict that Chord Energy will post 23.11 earnings per share for the current year.

Chord Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Thursday, August 20th were issued a dividend of $1.30 per share. The ex-dividend date was Thursday, August 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.3%. Chord Energy’s payout ratio is 34.85%.

Wall Street Analyst Weigh In

CHRD has been the subject of several recent research reports. Wall Street Zen raised shares of Chord Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 10th. Jefferies Financial Group upped their target price on Chord Energy from $133.00 to $150.00 and gave the stock a “hold” rating in a research report on Friday, September 18th. Scotiabank began coverage on Chord Energy in a report on Wednesday, October 14th. They set a “sector outperform” rating and a $192.00 price target on the stock. Weiss Ratings raised shares of Chord Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Finally, Truist Financial boosted their price objective on shares of Chord Energy from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Monday, October 12th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $174.54.

About Chord Energy

Chord Energy Corporation is an independent exploration and production company focused on the development and operation of oil and natural gas properties in the United States. Its portfolio is concentrated in the Williston Basin, which spans parts of North Dakota and Montana. The company’s production mix includes crude oil, natural gas and natural gas liquids.

Chord’s operations include acquiring, developing and producing hydrocarbons from operated and non-operated wells, with an emphasis on drilling and completion activities in the Bakken and Three Forks formations.