Wedge Capital Management L L P NC Lowers Stake in Chord Energy Corporation $CHRD

Wedge Capital Management L L P NC cut its position in Chord Energy Corporation (NASDAQ:CHRD) by 14.9% in the second quarter, HoldingsChannel.com reports. The firm owned 105,194 shares of the company’s stock after selling 18,392 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Chord Energy were worth $12,024,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CHRD. Bessemer Group Inc. boosted its holdings in Chord Energy by 63.8% in 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. Versant Capital Management Inc boosted its stake in shares of Chord Energy by 330.9% in the second quarter. Versant Capital Management Inc now owns 237 shares of the company’s stock worth $27,000 after acquiring an additional 182 shares during the period. V Square Quantitative Management LLC purchased a new stake in shares of Chord Energy during the first quarter worth about $29,000. WealthCollab LLC raised its stake in Chord Energy by 90.6% during the 2nd 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. Finally, Root Financial Partners LLC grew its holdings in Chord Energy by 178.6% during the 1st quarter. Root Financial Partners LLC now owns 234 shares of the company’s stock valued at $33,000 after buying an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Citigroup dropped their target price on shares of Chord Energy from $155.00 to $130.00 and set a “neutral” rating for the company in a research report on Friday, July 10th. Truist Financial cut their price objective on Chord Energy from $170.00 to $166.00 and set a “buy” rating for the company in a research report on Monday. Mizuho raised Chord Energy to a “strong-buy” rating in a research report on Friday, July 31st. Roth Capital reiterated a “buy” rating and issued a $145.00 target price on shares of Chord Energy in a research note on Wednesday, July 15th. Finally, Wall Street Zen downgraded Chord Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 27th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $152.54.

Chord Energy Stock Performance

Shares of NASDAQ:CHRD opened at $137.58 on Thursday. The firm’s 50 day simple moving average is $128.00 and its 200-day simple moving average is $126.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.15 and a current ratio of 1.22. Chord Energy Corporation has a one year low of $84.25 and a one year high of $151.95. The firm has a market cap of $7.53 billion, a PE ratio of 9.22 and a beta of 0.48.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. The firm had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the previous year, the firm posted $1.79 EPS. The firm’s revenue for the quarter was up 128.6% on a year-over-year basis. As a group, equities analysts predict that Chord Energy Corporation will post 18.03 EPS for the current year.

Chord Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Thursday, August 20th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $5.20 dividend on an annualized basis and a yield of 3.8%. Chord Energy’s payout ratio is 34.85%.

Insider Transactions at Chord Energy

In related news, Director Douglas E. Brooks sold 8,000 shares of Chord Energy stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $133.14, for a total value of $1,065,120.00. Following the completion of the sale, the director directly owned 10,705 shares in the company, valued at $1,425,263.70. The trade was a 42.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Shannon Browning Kinney sold 4,019 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $140.00, for a total transaction of $562,660.00. Following the completion of the sale, the executive vice president directly owned 13,560 shares of the company’s stock, valued at approximately $1,898,400. This trade represents a 22.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 15,495 shares of company stock valued at $2,113,942 over the last 90 days. 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.