Chord Energy Corporation $CHRD Shares Sold by Royce & Associates LP

Royce & Associates LP cut its stake in Chord Energy Corporation (NASDAQ:CHRD) by 6.1% in the fourth quarter, Holdings Channel reports. The fund owned 86,369 shares of the company’s stock after selling 5,572 shares during the period. Royce & Associates LP’s holdings in Chord Energy were worth $8,006,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Victory Capital Management Inc. increased its stake in shares of Chord Energy by 5.4% in the 3rd 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 during the last quarter. Wellington Management Group LLP increased its stake in shares of Chord Energy by 19.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,705,153 shares of the company’s stock worth $169,441,000 after acquiring an additional 282,746 shares during the last quarter. Sourcerock Group LLC increased its stake in shares of Chord Energy by 2.1% in the 2nd quarter. Sourcerock Group LLC now owns 1,031,973 shares of the company’s stock worth $99,947,000 after acquiring an additional 20,916 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of Chord Energy by 22.2% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 990,381 shares of the company’s stock worth $95,918,000 after acquiring an additional 180,000 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Chord Energy by 28.7% in the 3rd quarter. AQR Capital Management LLC now owns 944,696 shares of the company’s stock worth $93,874,000 after acquiring an additional 210,471 shares during the last quarter. 97.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Chord Energy

In related news, COO Darrin J. Henke sold 1,276 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $145.97, for a total transaction of $186,257.72. Following the completion of the transaction, the chief operating officer directly owned 21,157 shares in the company, valued at $3,088,287.29. This trade represents a 5.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Douglas E. Brooks sold 3,500 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $136.71, for a total value of $478,485.00. Following the transaction, the director owned 20,205 shares of the company’s stock, valued at $2,762,225.55. This trade represents a 14.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 33,203 shares of company stock worth $4,197,995 over the last ninety days. Company insiders own 0.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CHRD. Mizuho raised their target price on Chord Energy from $164.00 to $175.00 and gave the stock an “outperform” rating in a research note on Wednesday. Wall Street Zen raised Chord Energy from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Wells Fargo & Company raised their target price on Chord Energy from $136.00 to $175.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 8th. Morgan Stanley increased their price target on Chord Energy from $168.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Finally, Zacks Research upgraded Chord Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Chord Energy currently has an average rating of “Moderate Buy” and an average price target of $157.54.

Chord Energy Stock Performance

NASDAQ CHRD opened at $133.89 on Friday. The stock has a market cap of $7.54 billion, a PE ratio of -118.49 and a beta of 0.52. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18. Chord Energy Corporation has a twelve month low of $84.25 and a twelve month high of $151.95. The stock has a fifty day simple moving average of $138.68 and a 200-day simple moving average of $112.87.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.51 by $1.05. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Chord Energy had a positive return on equity of 7.06% and a negative net margin of 1.25%.The company’s revenue was up 37.1% compared to the same quarter last year. During the same period in the prior year, the business posted $4.04 EPS. Equities analysts anticipate that Chord Energy Corporation will post 20.53 earnings per share for the current year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 5th. Investors of record on Wednesday, May 20th will be issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Wednesday, May 20th. Chord Energy’s dividend payout ratio (DPR) is -460.18%.

Chord Energy 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.