Allianz Asset Management GmbH Sells 24,745 Shares of Chord Energy Corporation $CHRD

Key Points

• Allianz Asset Management GmbH reduced its holdings in Chord Energy Corporation by 34.3%, selling 24,745 shares and retaining approximately 0.08% of the company, valued at $4.6 million.
• Chord Energy recently reported a quarterly earnings miss, with EPS of $1.79, below the expected $1.88, despite revenue growth of 5.3% year-over-year.
• The company announced a quarterly dividend of $1.30, resulting in a 5.6% yield, though it has a high payout ratio of 132.32%.

Allianz Asset Management GmbH trimmed its position in Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 34.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,450 shares of the company's stock after selling 24,745 shares during the period. Allianz Asset Management GmbH owned approximately 0.08% of Chord Energy worth $4,596,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Bayforest Capital Ltd bought a new stake in shares of Chord Energy in the second quarter valued at about $28,000. Hexagon Capital Partners LLC lifted its holdings in shares of Chord Energy by 321.7% in the first quarter. Hexagon Capital Partners LLC now owns 447 shares of the company's stock valued at $50,000 after purchasing an additional 341 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in Chord Energy by 5,877.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 538 shares of the company's stock worth $61,000 after acquiring an additional 529 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in 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 acquiring an additional 493 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Chord Energy by 89.6% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 692 shares of the company's stock worth $67,000 after acquiring an additional 327 shares in the last quarter. 97.76% of the stock is currently owned by institutional investors.

Insider Activity at Chord Energy

In other news, EVP Shannon Browning Kinney sold 3,019 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $105.43, for a total value of $318,293.17. Following the transaction, the executive vice president owned 14,650 shares of the company's stock, valued at approximately $1,544,549.50. This 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 can be accessed through this link. Insiders own 0.70% of the company's stock.

Chord Energy Price Performance

Shares of NASDAQ CHRD opened at $93.48 on Friday. The business's 50 day moving average price is $100.94 and its two-hundred day moving average price is $99.35. The company has a market cap of $5.35 billion, a PE ratio of 23.79 and a beta of 0.94. 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 $136.38.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced 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 return on equity of 9.02% and a net margin of 5.02%.The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $984.07 million. During the same period last year, the firm earned $4.69 EPS. Chord Energy's quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts predict that Chord Energy Corporation will post 15.59 EPS for the current year.

Chord Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Thursday, August 21st were given a $1.30 dividend. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $5.20 annualized dividend and a dividend yield of 5.6%. Chord Energy's dividend payout ratio is presently 132.32%.

Wall Street Analysts Forecast Growth

CHRD has been the topic of several analyst reports. Wells Fargo & Company dropped their target price on Chord Energy from $149.00 to $108.00 and set an "overweight" rating on the stock in a report on Friday, October 17th. Citigroup upped their target price on Chord Energy from $120.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Scotiabank initiated coverage on Chord Energy in a report on Friday, September 19th. They set a "sector perform" rating and a $120.00 target price on the stock. Weiss Ratings reiterated a "hold (c-)" rating on shares of Chord Energy in a report on Wednesday, October 8th. Finally, Morgan Stanley dropped their target price on Chord Energy from $131.00 to $128.00 and set an "equal weight" rating on the stock in a report on Tuesday, October 14th. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $138.38.

Chord Energy 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.