Adage Capital Partners GP L.L.C. Has $91.35 Million Stock Holdings in Chord Energy Corporation $CHRD

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Chord Energy Corporation by 5.3% in the first quarter, holding 810,381 shares valued at approximately $91.35 million.
• Institutional ownership is high, with 97.76% of the company's stock owned by institutional investors and hedge funds, indicating strong market confidence in the company.
• Chord Energy recently announced a quarterly dividend of $1.30 per share, providing a robust annualized dividend yield of 4.7%.

Adage Capital Partners GP L.L.C. decreased its position in Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 810,381 shares of the company's stock after selling 45,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned 1.40% of Chord Energy worth $91,346,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CHRD. Hexagon Capital Partners LLC grew its holdings in shares of Chord Energy by 321.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 447 shares of the company's stock worth $50,000 after purchasing an additional 341 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of Chord Energy by 5,877.8% in the first quarter. Caitong International Asset Management Co. Ltd now owns 538 shares of the company's stock valued at $61,000 after buying an additional 529 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Chord Energy by 195.8% in the first quarter. Fifth Third Bancorp now owns 698 shares of the company's stock valued at $79,000 after buying an additional 462 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Chord Energy by 184.0% in the first quarter. GAMMA Investing LLC now owns 727 shares of the company's stock valued at $82,000 after buying an additional 471 shares in the last quarter. Finally, UMB Bank n.a. acquired a new stake in shares of Chord Energy in the first quarter valued at $91,000. Institutional investors own 97.76% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Wall Street Zen lowered Chord Energy from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Wells Fargo & Company raised their target price on Chord Energy from $143.00 to $146.00 and gave the company an "overweight" rating in a research note on Friday, August 15th. Mizuho lowered their target price on Chord Energy from $154.00 to $150.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Piper Sandler raised their target price on Chord Energy from $164.00 to $166.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Finally, UBS Group lifted their price objective on Chord Energy from $120.00 to $122.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Chord Energy presently has an average rating of "Moderate Buy" and a consensus target price of $148.00.

Insider Activity

In other news, EVP Shannon Browning Kinney sold 3,019 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $105.43, for a total transaction of $318,293.17. Following the completion of the transaction, the executive vice president directly owned 14,650 shares in the company, valued at approximately $1,544,549.50. The trade was a 17.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.70% of the company's stock.

Chord Energy Trading Down 3.8%

CHRD stock traded down $4.06 during midday trading on Friday, reaching $103.42. The stock had a trading volume of 1,401,887 shares, compared to its average volume of 741,727. The company has a quick ratio of 0.90, a current ratio of 0.97 and a debt-to-equity ratio of 0.11. Chord Energy Corporation has a twelve month low of $79.83 and a twelve month high of $140.15. The firm has a market cap of $5.92 billion, a price-to-earnings ratio of 26.32 and a beta of 0.97. The business has a fifty day simple moving average of $105.71 and a two-hundred day simple moving average of $101.44.

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

Chord Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Thursday, August 21st will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Thursday, August 21st. Chord Energy's payout ratio is presently 132.32%.

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.