Chord Energy Corporation $CHRD Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Chord Energy stake by 8.4% in the first quarter, bringing its holdings to 238,068 shares valued at approximately $33.8 million. Institutional investors collectively own 97.76% of the company.
• Chord Energy reported quarterly revenue of $2.17 billion, up 128.6% year over year, although earnings per share of $6.44 fell short of the $6.55 consensus estimate.
• The company declared a quarterly dividend of $1.30 per share, equivalent to $5.20 annually and a 3.8% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $152.54, while recent insider transactions were sales.

Bank of America Corp DE boosted its stake in Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 8.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 238,068 shares of the company's stock after buying an additional 18,399 shares during the period. Bank of America Corp DE owned 0.42% of Chord Energy worth $33,849,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of Chord Energy by 15.6% in the 4th quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company's stock worth $190,346,000 after purchasing an additional 277,588 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Chord Energy by 6.1% in the fourth quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company's stock worth $167,743,000 after purchasing an additional 104,373 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Chord Energy by 27.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company's stock worth $220,078,000 after buying an additional 329,565 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in shares of Chord Energy by 18.4% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company's stock worth $115,305,000 after acquiring an additional 193,469 shares in the last quarter. Finally, Sourcerock Group LLC lifted its holdings in shares of Chord Energy by 2.1% during the 2nd quarter. Sourcerock Group LLC now owns 1,031,973 shares of the company's stock valued at $99,947,000 after buying an additional 20,916 shares during the last quarter. 97.76% of the stock is owned by institutional investors.

Chord Energy Trading Up 2.1%

CHRD opened at $137.32 on Friday. The firm has a 50 day simple moving average of $127.94 and a 200 day simple moving average of $126.85. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15. The company has a market cap of $7.51 billion, a price-to-earnings ratio of 9.20 and a beta of 0.48. Chord Energy Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $151.95.

Chord Energy (NASDAQ:CHRD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.55 by ($0.11). The company had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $1.62 billion. Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The firm's revenue for the quarter was up 128.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.79 earnings per share. On average, sell-side analysts anticipate that Chord Energy Corporation will post 18.03 earnings per share for the current year.

Chord Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Thursday, August 20th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 3.8%. Chord Energy's payout ratio is 34.85%.

Insiders Place Their Bets

In related news, Director Douglas E. Brooks sold 8,000 shares of the firm's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the sale, the director directly owned 10,705 shares in the company, valued at $1,425,263.70. This trade represents a 42.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Shannon Browning Kinney sold 4,019 shares of Chord Energy stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total value of $562,660.00. Following the completion of the sale, the executive vice president directly owned 13,560 shares in the company, valued at $1,898,400. This represents a 22.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 14,219 shares of company stock worth $1,927,684 over the last ninety days. 0.79% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Scotiabank lifted their price objective on shares of Chord Energy from $114.00 to $135.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Morgan Stanley lowered their price objective on shares of Chord Energy from $175.00 to $169.00 and set an "overweight" rating on the stock in a research note on Monday, June 29th. Citigroup lowered their price target on Chord Energy from $155.00 to $130.00 and set a "neutral" rating on the stock in a research note on Friday, July 10th. Zacks Research cut shares of Chord Energy from a "hold" rating to a "strong sell" rating in a research note on Tuesday. Finally, Roth Capital restated a "buy" rating and set a $145.00 target price on shares of Chord Energy in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $152.54.

Chord Energy Profile

Chord Energy Corporation NASDAQ: CHRD, formerly known as Oasis Petroleum Inc, is an independent exploration and production company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Headquartered in Houston, Texas, Chord Energy emerged from financial restructuring in early 2021 and rebranded in October 2022 to reflect its renewed strategic vision.

The company’s core operations are concentrated in two prolific U.S. resource plays: the Williston Basin across North Dakota and Montana, and the Delaware Basin spanning parts of West Texas and southeastern New Mexico.

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