Pallas Capital Advisors LLC Takes Position in Chord Energy Corporation $CHRD

Key Points

• Pallas Capital Advisors LLC acquired 7,683 shares of Chord Energy Corporation ($CHRD), valued at approximately $744,000, in the second quarter.
• Chord Energy recently announced a quarterly dividend of $1.30 per share, resulting in an annualized yield of 5.2%, despite a high dividend payout ratio of 132.32%.
• The company's recent quarterly earnings report showed a 5.3% increase in revenue year-over-year, totaling $1.18 billion, although EPS of $1.79 missed estimates.

Pallas Capital Advisors LLC acquired a new position in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,683 shares of the company's stock, valued at approximately $744,000.

Several other large investors also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB increased its position in shares of Chord Energy by 254.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 687 shares of the company's stock worth $67,000 after buying an additional 493 shares during the period. NBC Securities Inc. increased its position in shares of Chord Energy by 4.3% during the second quarter. NBC Securities Inc. now owns 11,564 shares of the company's stock worth $1,119,000 after buying an additional 475 shares during the period. Voya Investment Management LLC increased its position in shares of Chord Energy by 1.4% during the first quarter. Voya Investment Management LLC now owns 7,579 shares of the company's stock worth $854,000 after buying an additional 107 shares during the period. Lynx Investment Advisory acquired a new stake in shares of Chord Energy during the first quarter worth $310,000. Finally, IFM Investors Pty Ltd acquired a new stake in shares of Chord Energy during the first quarter worth $1,206,000. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CHRD has been the subject of several recent analyst reports. Bank of America increased their price objective on shares of Chord Energy from $112.00 to $123.00 and gave the stock a "buy" rating in a research report on Wednesday, September 17th. Wells Fargo & Company raised their price target on shares of Chord Energy from $146.00 to $149.00 and gave the stock an "overweight" rating in a report on Wednesday, September 17th. Wall Street Zen cut shares of Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Scotiabank began coverage on shares of Chord Energy in a report on Friday. They issued a "sector perform" rating and a $120.00 price target for the company. Finally, UBS Group raised their price target on shares of Chord Energy from $122.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday, September 16th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $147.15.

Chord Energy Stock Up 4.3%

Shares of CHRD traded up $4.30 during trading hours on Tuesday, reaching $104.56. 101,484 shares of the stock traded hands, compared to its average volume of 847,551. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $105.46 and a 200 day simple moving average of $100.99. Chord Energy Corporation has a 52 week low of $79.83 and a 52 week high of $139.28. The company has a market cap of $5.99 billion, a price-to-earnings ratio of 26.72 and a beta of 0.97.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.79 earnings per share for the quarter, missing analysts' consensus estimates of $1.88 by ($0.09). Chord Energy had a net margin of 5.02% and a return on equity of 9.02%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $984.07 million. During the same period in the previous year, the business earned $4.69 earnings per share. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities analysts forecast that Chord Energy Corporation will post 15.59 EPS for the current year.

Chord Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Thursday, August 21st were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend was Thursday, August 21st. Chord Energy's dividend payout ratio (DPR) is presently 132.32%.

Insider Buying and Selling at Chord Energy

In related news, EVP Shannon Browning Kinney sold 3,019 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $105.43, for a total transaction of $318,293.17. Following the transaction, the executive vice president directly owned 14,650 shares of the company's stock, valued at $1,544,549.50. This trade represents a 17.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.70% of the stock is owned by insiders.

Chord Energy Company Profile

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.