Allianz Asset Management GmbH Trims Position in Chord Energy Corporation (NASDAQ:CHRD)

Key Points

• Allianz Asset Management GmbH reduced its holdings in Chord Energy Corporation by 7.0%, owning 72,195 shares valued at approximately $8.14 million after selling 5,411 shares in the first quarter.
• Chord Energy reported earnings of $4.04 per share for the recent quarter, exceeding the consensus estimate of $3.60, with revenues reaching $1.22 billion, a 12% increase year-over-year.
• The company announced a quarterly dividend of $1.30 per share, representing an annualized dividend of $5.20 and a yield of 4.78%.

Allianz Asset Management GmbH lessened its holdings in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 7.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 72,195 shares of the company's stock after selling 5,411 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.12% of Chord Energy worth $8,138,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CHRD. Altshuler Shaham Ltd purchased a new position in shares of Chord Energy during the 4th quarter worth $25,000. Hexagon Capital Partners LLC lifted its stake in shares of Chord Energy by 321.7% during 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 period. Fifth Third Bancorp lifted its stake in shares of Chord Energy by 195.8% during the 1st quarter. Fifth Third Bancorp now owns 698 shares of the company's stock worth $79,000 after purchasing an additional 462 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Chord Energy during the 4th quarter worth $80,000. Finally, GAMMA Investing LLC lifted its stake in shares of Chord Energy by 184.0% during the 1st quarter. GAMMA Investing LLC now owns 727 shares of the company's stock worth $82,000 after purchasing an additional 471 shares during the period. Hedge funds and other institutional investors own 97.76% of the company's stock.

Chord Energy Stock Down 0.8%

Shares of Chord Energy stock opened at $108.72 on Friday. The business has a 50-day moving average of $100.37 and a 200-day moving average of $103.82. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.89 and a quick ratio of 0.83. The company has a market capitalization of $6.28 billion, a PE ratio of 7.27 and a beta of 0.96. Chord Energy Corporation has a 1-year low of $79.83 and a 1-year high of $173.71.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.60 by $0.44. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.07 billion. Chord Energy had a return on equity of 10.34% and a net margin of 16.15%. The company's revenue was up 12.0% on a year-over-year basis. During the same period last year, the firm earned $5.10 earnings per share. As a group, equities analysts forecast that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Wednesday, May 21st were paid a dividend of $1.30 per share. The ex-dividend date was Wednesday, May 21st. This represents a $5.20 annualized dividend and a dividend yield of 4.78%. Chord Energy's dividend payout ratio is presently 34.78%.

Insider Buying and Selling at Chord Energy

In other news, EVP Shannon Browning Kinney sold 3,091 shares of the firm's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $94.10, for a total transaction of $290,863.10. Following the completion of the sale, the executive vice president directly owned 21,277 shares in the company, valued at $2,002,165.70. This trade represents a 12.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CHRD has been the topic of a number of recent analyst reports. Royal Bank Of Canada reduced their price target on Chord Energy from $165.00 to $145.00 and set an "outperform" rating on the stock in a research note on Friday, April 11th. Wall Street Zen downgraded Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Mizuho dropped their price objective on Chord Energy from $154.00 to $150.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Piper Sandler upped their price objective on Chord Energy from $159.00 to $164.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Finally, Wells Fargo & Company upped their price objective on Chord Energy from $142.00 to $143.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Two analysts have rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Chord Energy currently has an average rating of "Moderate Buy" and a consensus price target of $151.54.

About Chord Energy

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.

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