Wedge Capital Management L L P NC Trims Holdings in Chord Energy Corporation $CHRD

Wedge Capital Management L L P NC reduced its stake in Chord Energy Corporation (NASDAQ:CHRD) by 5.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 125,217 shares of the company’s stock after selling 6,530 shares during the quarter. Wedge Capital Management L L P NC owned 0.22% of Chord Energy worth $11,608,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in CHRD. WealthCollab LLC raised its position in Chord Energy by 90.6% in the second quarter. WealthCollab LLC now owns 305 shares of the company’s stock valued at $30,000 after purchasing an additional 145 shares during the period. Quent Capital LLC purchased a new position in shares of Chord Energy during the third quarter worth $32,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Chord Energy during the third quarter worth $46,000. Triumph Capital Management acquired a new stake in shares of Chord Energy in the third quarter valued at $56,000. Finally, Larson Financial Group LLC raised its holdings in shares of Chord Energy by 43.0% in the 3rd quarter. Larson Financial Group LLC now owns 791 shares of the company’s stock valued at $79,000 after buying an additional 238 shares during the period. Institutional investors and hedge funds own 97.76% of the company’s stock.

Wall Street Analysts Forecast Growth

CHRD has been the topic of several research reports. Morgan Stanley raised Chord Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $114.00 to $168.00 in a research note on Friday. Wall Street Zen raised Chord Energy from a “sell” rating to a “hold” rating in a research report on Saturday. Piper Sandler boosted their price target on shares of Chord Energy from $158.00 to $190.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Mizuho set a $148.00 price target on shares of Chord Energy in a research report on Friday, January 9th. Finally, Royal Bank Of Canada lowered their price objective on shares of Chord Energy from $135.00 to $128.00 and set an “outperform” rating for the company in a research note on Tuesday, January 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Chord Energy has a consensus rating of “Moderate Buy” and an average price target of $138.92.

Chord Energy Stock Performance

Shares of CHRD opened at $145.35 on Friday. The company has a market capitalization of $8.24 billion, a price-to-earnings ratio of 230.71 and a beta of 0.84. Chord Energy Corporation has a 52-week low of $79.83 and a 52-week high of $146.93. The company has a quick ratio of 0.98, a current ratio of 1.06 and a debt-to-equity ratio of 0.18. The stock has a 50 day moving average price of $110.87 and a 200 day moving average price of $100.09.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings data on Wednesday, February 25th. The company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.11. The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The firm’s revenue for the quarter was down 19.6% on a year-over-year basis. During the same quarter last year, the company earned $3.49 earnings per share. Research analysts predict that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Dividend Announcement

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

Insider Activity at Chord Energy

In other Chord Energy news, Director Douglas E. Brooks sold 2,126 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $120.28, for a total transaction of $255,715.28. Following the transaction, the director owned 25,181 shares of the company’s stock, valued at approximately $3,028,770.68. This trade represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael H. Lou sold 15,000 shares of Chord Energy stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $125.47, for a total value of $1,882,050.00. Following the sale, the executive vice president owned 82,699 shares in the company, valued at $10,376,243.53. This trade represents a 15.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 23,927 shares of company stock valued at $2,912,028 in the last ninety days. 0.70% of the stock is currently owned by insiders.

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.