Odyssean LLC Acquires New Stake in Chord Energy Corporation $CHRD

Odyssean LLC bought a new position in Chord Energy Corporation (NASDAQ:CHRD) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,886 shares of the company’s stock, valued at approximately $444,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Geode Capital Management LLC grew its stake in shares of Chord Energy by 15.6% during the 4th quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company’s stock valued at $190,346,000 after acquiring an additional 277,588 shares during the period. Wellington Management Group LLP raised its stake in Chord Energy by 6.1% during the 4th quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company’s stock worth $167,743,000 after acquiring an additional 104,373 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Chord Energy by 27.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company’s stock valued at $220,078,000 after purchasing an additional 329,565 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in Chord Energy by 18.4% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company’s stock valued at $115,305,000 after purchasing an additional 193,469 shares in the last quarter. Finally, Sourcerock Group LLC boosted its position in shares of Chord Energy by 2.1% in the second quarter. Sourcerock Group LLC now owns 1,031,973 shares of the company’s stock worth $99,947,000 after purchasing an additional 20,916 shares during the period. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Chord Energy Price Performance

Chord Energy stock opened at $146.39 on Friday. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 9.81 and a beta of 0.50. The firm’s fifty day moving average is $133.51 and its 200 day moving average is $131.70. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 0.18. Chord Energy Corporation has a 52-week low of $84.25 and a 52-week high of $153.00.

Chord Energy (NASDAQ:CHRD) last issued 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 company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the previous year, the firm earned $1.79 earnings per share. The company’s revenue was up 128.6% compared to the same quarter last year. Sell-side analysts forecast that Chord Energy Corporation will post 19.33 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Thursday, August 20th were paid a $1.30 dividend. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $5.20 annualized dividend and a yield of 3.6%. Chord Energy’s dividend payout ratio (DPR) is presently 34.85%.

Wall Street Analyst Weigh In

CHRD has been the subject of several recent analyst reports. Zacks Research downgraded shares of Chord Energy from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 11th. Truist Financial decreased their price target on shares of Chord Energy from $170.00 to $166.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. Weiss Ratings raised shares of Chord Energy from a “hold (c-)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Citigroup reduced their target price on Chord Energy from $155.00 to $130.00 and set a “neutral” rating on the stock in a report on Friday, July 10th. Finally, Wells Fargo & Company boosted their target price on Chord Energy from $163.00 to $175.00 and gave the stock an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Chord Energy currently has a consensus rating of “Moderate Buy” and an average price target of $153.46.

Insiders Place Their Bets

In related news, 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 sale, the director directly owned 7,280 shares of the company’s stock, valued at approximately $1,091,563.20. This trade represents a 57.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Shannon Kinney sold 4,019 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total value of $562,660.00. Following the transaction, the executive vice president owned 13,560 shares of the company’s stock, valued at approximately $1,898,400. The trade was a 22.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 23,969 shares of company stock valued at $3,389,599 over the last 90 days. Insiders own 0.79% of the company’s stock.

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.