Phocas Financial Corp. Grows Stake in Chord Energy Corporation $CHRD

Phocas Financial Corp. boosted its stake in Chord Energy Corporation (NASDAQ:CHRD) by 31.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,552 shares of the company’s stock after buying an additional 9,357 shares during the quarter. Phocas Financial Corp. owned approximately 0.07% of Chord Energy worth $3,831,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CHRD. IFM Investors Pty Ltd purchased a new position in shares of Chord Energy in the first quarter valued at approximately $1,206,000. Bank of New York Mellon Corp increased its position in shares of Chord Energy by 7.8% during the first quarter. Bank of New York Mellon Corp now owns 742,327 shares of the company’s stock worth $83,675,000 after purchasing an additional 53,927 shares in the last quarter. TD Private Client Wealth LLC raised its stake in Chord Energy by 23.3% in the 1st quarter. TD Private Client Wealth LLC now owns 1,138 shares of the company’s stock valued at $128,000 after purchasing an additional 215 shares during the last quarter. Crossmark Global Holdings Inc. lifted its holdings in Chord Energy by 5.0% in the 1st quarter. Crossmark Global Holdings Inc. now owns 4,811 shares of the company’s stock valued at $542,000 after purchasing an additional 230 shares in the last quarter. Finally, Stratos Wealth Partners LTD. boosted its stake in Chord Energy by 9.6% during the 1st quarter. Stratos Wealth Partners LTD. now owns 2,386 shares of the company’s stock worth $269,000 after purchasing an additional 208 shares during the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Chord Energy Stock Down 4.4%

CHRD stock opened at $84.99 on Thursday. Chord Energy Corporation has a one year low of $79.83 and a one year high of $136.38. The firm has a market cap of $4.87 billion, a PE ratio of 32.69 and a beta of 0.92. The firm’s 50 day moving average price is $98.45 and its 200-day moving average price is $99.53. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.97.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.24 by $0.11. Chord Energy had a return on equity of 8.18% and a net margin of 3.31%.The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same period in the prior year, the business posted $3.40 earnings per share. The firm’s revenue for the quarter was up 17.0% compared to the same quarter last year. On average, equities research analysts anticipate that Chord Energy Corporation will post 15.59 EPS for the current year.

Chord Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Wednesday, November 19th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 6.1%. The ex-dividend date is Wednesday, November 19th. Chord Energy’s payout ratio is 132.32%.

Insider Buying and Selling

In other Chord Energy news, EVP Shannon Browning Kinney sold 3,019 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $105.43, for a total transaction of $318,293.17. Following the completion of the transaction, the executive vice president owned 14,650 shares of the company’s stock, valued at $1,544,549.50. This trade represents a 17.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Piper Sandler reduced their target price on shares of Chord Energy from $169.00 to $167.00 and set an “overweight” rating for the company in a research report on Friday, October 3rd. Bank of America upped their price objective on shares of Chord Energy from $112.00 to $123.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Morgan Stanley decreased their target price on shares of Chord Energy from $131.00 to $128.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 14th. Weiss Ratings restated a “hold (c-)” rating on shares of Chord Energy in a report on Wednesday, October 8th. Finally, Roth Capital initiated coverage on Chord Energy in a report on Monday, October 13th. They issued a “buy” rating and a $130.00 price target for the company. Ten equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Chord Energy has a consensus rating of “Moderate Buy” and an average target price of $138.38.

Chord Energy Profile

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.