581,710 Shares in Chord Energy Corporation $CHRD Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 581,710 Chord Energy shares worth approximately $66.5 million, giving it a 1.03% stake. Institutional investors collectively own 97.76% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $152.54, despite several recent target reductions.
• Chord Energy reported quarterly revenue of $2.17 billion, up 128.6% year over year, but earnings of $6.44 per share fell slightly short of estimates. The company also declared a $1.30 quarterly dividend, implying a 3.7% yield.

Bank of New York Mellon Corp purchased a new position in Chord Energy Corporation (NASDAQ:CHRD - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 581,710 shares of the company's stock, valued at approximately $66,489,000. Bank of New York Mellon Corp owned about 1.03% of Chord Energy as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CHRD. Bessemer Group Inc. lifted its stake in shares of Chord Energy by 63.8% in the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company's stock valued at $27,000 after acquiring an additional 74 shares during the last quarter. Blue Trust Inc. boosted its holdings in Chord Energy by 22.2% during the 1st quarter. Blue Trust Inc. now owns 463 shares of the company's stock valued at $66,000 after acquiring an additional 84 shares during the period. SBI Securities Co. Ltd. grew its position in Chord Energy by 16.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 797 shares of the company's stock worth $74,000 after acquiring an additional 113 shares during the last quarter. WealthCollab LLC grew its position in Chord Energy by 90.6% during the 2nd quarter. WealthCollab LLC now owns 305 shares of the company's stock worth $30,000 after acquiring an additional 145 shares during the last quarter. Finally, Root Financial Partners LLC increased its stake in Chord Energy by 178.6% in the 1st quarter. Root Financial Partners LLC now owns 234 shares of the company's stock worth $33,000 after purchasing an additional 150 shares during the period. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on CHRD. Wall Street Zen downgraded shares of Chord Energy from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 27th. UBS Group increased their price target on shares of Chord Energy from $153.00 to $171.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Truist Financial cut their price target on shares of Chord Energy from $170.00 to $166.00 and set a "buy" rating on the stock in a report on Monday, August 10th. BMO Capital Markets restated an "outperform" rating on shares of Chord Energy in a research report on Monday, June 29th. Finally, Wells Fargo & Company lowered their price objective on shares of Chord Energy from $175.00 to $163.00 and set an "overweight" rating for the company in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $152.54.

Chord Energy Trading Down 0.4%

Shares of CHRD opened at $140.14 on Thursday. The firm's 50-day moving average price is $129.86 and its 200-day moving average price is $129.66. The firm has a market capitalization of $7.67 billion, a price-to-earnings ratio of 9.39 and a beta of 0.48. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 0.18. Chord Energy Corporation has a 1-year low of $84.25 and a 1-year high of $153.00.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released 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). The company had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $1.62 billion. Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.Chord Energy's quarterly revenue was up 128.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.79 earnings per share. Sell-side analysts anticipate that Chord Energy Corporation will post 18.61 EPS for the current year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Thursday, August 20th will be given a $1.30 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 3.7%. Chord Energy's dividend payout ratio is currently 34.85%.

Insider Activity

In other news, EVP Shannon Browning Kinney sold 4,019 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $140.00, for a total value of $562,660.00. Following the completion of the transaction, the executive vice president owned 13,560 shares in the company, valued at $1,898,400. This trade represents a 22.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Samantha Mckinney sold 2,200 shares of Chord Energy stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $136.32, for a total value of $299,904.00. Following the sale, the director owned 17,030 shares in the company, valued at $2,321,529.60. This represents a 11.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 14,219 shares of company stock worth $1,927,684 in the last quarter. 0.79% of the stock is owned by company insiders.

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.

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