Louisiana State Employees Retirement System Buys Shares of 16,500 Chord Energy Corporation $CHRD

Louisiana State Employees Retirement System purchased a new position in Chord Energy Corporation (NASDAQ:CHRD) during the 1st quarter, Holdings Channel reports. The institutional investor purchased 16,500 shares of the company’s stock, valued at approximately $2,346,000.

Other large investors have also made changes to their positions in the company. Kestra Private Wealth Services LLC purchased a new stake in shares of Chord Energy during the 1st quarter valued at $1,188,000. Ritholtz Wealth Management acquired a new stake in shares of Chord Energy in the 1st quarter worth $351,000. Blue Trust Inc. grew its stake in Chord Energy by 22.2% during the 1st quarter. Blue Trust Inc. now owns 463 shares of the company’s stock worth $66,000 after buying an additional 84 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new position in Chord Energy during the 1st quarter worth $221,000. Finally, Miller Howard Investments Inc. NY increased its position in Chord Energy by 11.5% during the 1st quarter. Miller Howard Investments Inc. NY now owns 30,492 shares of the company’s stock valued at $4,335,000 after buying an additional 3,139 shares in the last quarter. 97.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CHRD has been the subject of a number of research analyst reports. Morgan Stanley decreased their price target on Chord Energy from $175.00 to $169.00 and set an “overweight” rating for the company in a research note on Monday. BMO Capital Markets restated an “outperform” rating on shares of Chord Energy in a research note on Monday. Weiss Ratings restated a “hold (c-)” rating on shares of Chord Energy in a report on Friday, June 12th. Roth Mkm reiterated a “buy” rating and issued a $140.00 target price (up from $130.00) on shares of Chord Energy in a research note on Friday, April 17th. Finally, UBS Group boosted their target price on shares of Chord Energy from $176.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $157.08.

Chord Energy Stock Performance

Shares of CHRD opened at $115.97 on Tuesday. The stock has a 50-day moving average of $135.40 and a two-hundred day moving average of $118.56. Chord Energy Corporation has a one year low of $84.25 and a one year high of $151.95. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.96 and a current ratio of 1.02. The stock has a market cap of $6.53 billion, a P/E ratio of -102.63 and a beta of 0.48.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share for the quarter, beating the consensus estimate of $3.51 by $1.05. The business 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%.The company’s quarterly revenue was up 37.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.04 EPS. As a group, research analysts predict that Chord Energy Corporation will post 20.53 EPS for the current year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Wednesday, May 20th were given a $1.30 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $5.20 dividend on an annualized basis and a yield of 4.5%. Chord Energy’s dividend payout ratio is currently -460.18%.

Insider Activity at Chord Energy

In related news, Director Douglas E. Brooks sold 3,500 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $2,762,225.55. This represents a 14.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Darrin J. Henke sold 1,276 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $145.97, for a total transaction of $186,257.72. Following the transaction, the chief operating officer directly owned 21,157 shares of the company’s stock, valued at $3,088,287.29. This represents a 5.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 9,276 shares of company stock worth $1,285,968. 0.79% of the stock is owned by corporate insiders.

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.