American Assets Inc. Takes Position in Chord Energy Corporation (NASDAQ:CHRD)

Key Points

• American Assets Inc. has acquired 7,000 shares of Chord Energy Corporation, valued at approximately $789,000, making it the 19th largest position in their portfolio.
• Chord Energy recently reported quarterly earnings of $4.04 per share, surpassing estimates, with revenue of $1.22 billion, marking a 12.0% increase from the previous year.
• The company announced a quarterly dividend of $1.30 per share, which yields 4.9%, and indicates a payout ratio of 34.78%.

American Assets Inc. bought a new position in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,000 shares of the company's stock, valued at approximately $789,000. Chord Energy comprises about 0.3% of American Assets Inc.'s portfolio, making the stock its 19th biggest holding.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of Chord Energy by 3.3% during the 4th quarter. JPMorgan Chase & Co. now owns 263,288 shares of the company's stock worth $30,784,000 after purchasing an additional 8,455 shares during the period. Headlands Technologies LLC acquired a new position in Chord Energy during the fourth quarter worth $100,000. World Investment Advisors purchased a new position in shares of Chord Energy during the fourth quarter worth $226,000. Resona Asset Management Co. Ltd. purchased a new position in shares of Chord Energy during the fourth quarter worth $1,096,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Chord Energy in the fourth quarter valued at $308,000. Hedge funds and other institutional investors own 97.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Mizuho lowered their target price 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 raised their price objective on shares of Chord Energy from $159.00 to $164.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Wall Street Zen cut shares of Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Bank of America cut their target price on shares of Chord Energy from $114.00 to $112.00 and set a "buy" rating on the stock in a research note on Friday, May 23rd. Finally, Wells Fargo & Company raised their price target on shares of Chord Energy from $142.00 to $143.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Two analysts have rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $151.54.

Chord Energy Stock Down 5.1%

Shares of NASDAQ:CHRD traded down $5.31 during trading on Thursday, hitting $99.53. 1,830,587 shares of the company were exchanged, compared to its average volume of 597,637. The firm's 50 day moving average price is $103.36 and its 200-day moving average price is $102.87. Chord Energy Corporation has a 12-month low of $79.83 and a 12-month high of $156.12. 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 stock has a market capitalization of $5.75 billion, a P/E ratio of 25.33 and a beta of 0.97.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $1.79 EPS for the quarter, missing the consensus estimate of $1.88 by ($0.09). Chord Energy had a return on equity of 8.86% and a net margin of 5.02%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $984.07 million. During the same quarter in the prior year, the business earned $4.69 earnings per share. Chord Energy's revenue was up 5.3% compared to the same quarter last year. On average, research analysts predict that Chord Energy Corporation will post 15.59 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Thursday, August 21st will be given a $1.30 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.2%. Chord Energy's dividend payout ratio is 34.78%.

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.