Boothbay Fund Management LLC Grows Position in Chord Energy Corporation $CHRD

Key Points

• Boothbay Fund Management LLC increased its stake in Chord Energy Corporation by 213.5%, owning 57,237 shares valued at approximately $6.45 million as of the latest SEC filing.
• Analysts have a consensus rating of "Moderate Buy" for Chord Energy, with an average target price of $148.00 after multiple price target upgrades from various firms.
• Chord Energy declared a $1.30 per share quarterly dividend with an annualized yield of 4.8%, despite a high dividend payout ratio of 132.32%.

Boothbay Fund Management LLC boosted its position in Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 213.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 57,237 shares of the company's stock after buying an additional 38,978 shares during the period. Boothbay Fund Management LLC owned approximately 0.10% of Chord Energy worth $6,452,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. lifted its position in Chord Energy by 3.7% during the 1st quarter. American Century Companies Inc. now owns 1,157,870 shares of the company's stock valued at $130,515,000 after acquiring an additional 41,797 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Chord Energy by 6.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 791,958 shares of the company's stock valued at $89,198,000 after purchasing an additional 47,649 shares in the last quarter. Woodline Partners LP raised its stake in shares of Chord Energy by 16.4% in the fourth quarter. Woodline Partners LP now owns 748,966 shares of the company's stock valued at $87,569,000 after acquiring an additional 105,448 shares during the period. Bank of New York Mellon Corp increased its stake in Chord Energy by 7.8% in the 1st quarter. Bank of New York Mellon Corp now owns 742,327 shares of the company's stock worth $83,675,000 after buying an additional 53,927 shares during the period. Finally, Palo Duro Investment Partners LP grew its holdings in Chord Energy by 13.6% during the 4th quarter. Palo Duro Investment Partners LP now owns 668,750 shares of the company's stock worth $78,190,000 after acquiring an additional 80,063 shares in the last quarter. Institutional investors and hedge funds own 97.76% of the company's stock.

Insider Buying and Selling at Chord Energy

In other Chord Energy news, EVP Shannon Browning Kinney sold 3,019 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $105.43, for a total transaction of $318,293.17. Following the sale, the executive vice president owned 14,650 shares of the company's stock, valued at $1,544,549.50. The trade was a 17.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.70% of the stock is owned by insiders.

Analysts Set New Price Targets

CHRD has been the topic of a number of research analyst reports. Bank of America dropped their price target 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. Piper Sandler increased their price objective on Chord Energy from $164.00 to $166.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Mizuho cut their price objective on Chord Energy from $154.00 to $150.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Wall Street Zen cut Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, UBS Group boosted their price target 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 equities 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 stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $148.00.

Chord Energy Price Performance

CHRD traded up $1.02 during trading on Wednesday, hitting $103.74. The company's stock had a trading volume of 184,641 shares, compared to its average volume of 838,152. The firm's 50 day moving average price is $105.87 and its two-hundred day moving average price is $101.29. The stock has a market capitalization of $5.94 billion, a price-to-earnings ratio of 26.40 and a beta of 0.97. Chord Energy Corporation has a 12 month low of $79.83 and a 12 month high of $140.15. 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 (NASDAQ:CHRD - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $1.79 earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $984.07 million. During the same quarter in the prior year, the firm posted $4.69 earnings per share. The business's revenue was up 5.3% on a year-over-year basis. Sell-side analysts forecast that Chord Energy Corporation will post 15.59 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

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

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.