SummitTX Capital L.P. Acquires Shares of 7,448 Chord Energy Corporation $CHRD

SummitTX Capital L.P. acquired a new stake in shares of Chord Energy Corporation (NASDAQ:CHRD) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 7,448 shares of the company’s stock, valued at approximately $1,059,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Bessemer Group Inc. increased its stake in Chord Energy by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock worth $27,000 after buying an additional 74 shares during the period. Blue Trust Inc. boosted its position in Chord Energy by 22.2% in the 1st quarter. Blue Trust Inc. now owns 463 shares of the company’s stock valued at $66,000 after buying an additional 84 shares during the last quarter. SBI Securities Co. Ltd. boosted its position in Chord Energy by 16.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 797 shares of the company’s stock valued at $74,000 after buying an additional 113 shares during the last quarter. WealthCollab LLC grew its stake in shares of Chord Energy by 90.6% during the second quarter. WealthCollab LLC now owns 305 shares of the company’s stock valued at $30,000 after acquiring an additional 145 shares in the last quarter. Finally, Root Financial Partners LLC grew its stake 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 acquiring an additional 150 shares in the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on CHRD. Zacks Research cut Chord Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 9th. Mizuho lifted their price objective on Chord Energy from $164.00 to $175.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Chord Energy in a research report on Monday, June 29th. Truist Financial cut their target price on Chord Energy from $185.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. Finally, Morgan Stanley reduced their target price on Chord Energy from $175.00 to $169.00 and set an “overweight” rating for the company in a research note on Monday, June 29th. Eleven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $152.38.

Insiders Place Their Bets

In other Chord Energy news, COO Darrin J. Henke sold 1,276 shares of Chord Energy stock in a transaction on Friday, May 15th. The shares were sold at an average price of $145.97, for a total value of $186,257.72. Following the completion of the transaction, the chief operating officer owned 21,157 shares of the company’s stock, valued at $3,088,287.29. The trade was a 5.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Douglas E. Brooks sold 3,500 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $136.71, for a total transaction of $478,485.00. Following the sale, the director directly owned 20,205 shares in the company, 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. In the last ninety days, insiders sold 9,276 shares of company stock valued at $1,285,968. 0.79% of the stock is currently owned by corporate insiders.

Chord Energy Stock Up 1.3%

Shares of Chord Energy stock opened at $138.25 on Friday. The business has a 50-day moving average price of $128.33 and a 200 day moving average price of $123.77. Chord Energy Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $151.95. The firm has a market cap of $7.78 billion, a P/E ratio of -122.35 and a beta of 0.49. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.18.

Chord Energy (NASDAQ:CHRD) last released its earnings results on Tuesday, May 5th. The company reported $4.56 EPS for the quarter, topping analysts’ consensus estimates of $3.51 by $1.05. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.21 billion. Chord Energy had a positive return on equity of 7.06% and a negative net margin of 1.25%.Chord Energy’s quarterly revenue was up 37.1% compared to the same quarter last year. During the same quarter last year, the business posted $4.04 EPS. On average, sell-side analysts forecast that Chord Energy Corporation will post 18.32 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Wednesday, May 20th were paid a dividend of $1.30 per share. The ex-dividend date was Wednesday, May 20th. This represents a $5.20 annualized dividend and a yield of 3.8%. Chord Energy’s dividend payout ratio (DPR) is -460.18%.

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.