Chord Energy Corporation $CHRD Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Chord Energy stake by 11,278.5% in the second quarter, acquiring 7.54 million additional shares and bringing its ownership to approximately 13.91%, valued at $869.6 million.
• Chord Energy reported quarterly revenue of $2.17 billion, up 128.6% year over year, but earnings per share of $6.44 fell short of analysts’ $6.55 estimate. The company also maintains a $1.30 quarterly dividend, equivalent to a 3.4% annualized yield.
• Shares opened at $152.01, near the company’s 12-month high of $154.00. Analysts broadly rate the stock a “Moderate Buy”, with a consensus price target of $155.50, while insiders sold $3.39 million of stock during the latest quarter.

California State Teachers Retirement System boosted its holdings in Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 11,278.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,608,151 shares of the company's stock after acquiring an additional 7,541,287 shares during the quarter. California State Teachers Retirement System owned about 13.91% of Chord Energy worth $869,612,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Bessemer Group Inc. boosted its position in Chord Energy by 63.8% during the first quarter. Bessemer Group Inc. now owns 190 shares of the company's stock valued at $27,000 after purchasing an additional 74 shares during the last quarter. Blue Trust Inc. lifted its position in Chord Energy by 22.2% in the first quarter. Blue Trust Inc. now owns 463 shares of the company's stock worth $66,000 after purchasing an additional 84 shares during the period. Concurrent Investment Advisors LLC lifted its position in shares of Chord Energy by 3.6% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 3,514 shares of the company's stock worth $402,000 after buying an additional 121 shares during the period. WealthCollab LLC increased its holdings in shares of Chord Energy by 90.6% during the second quarter. WealthCollab LLC now owns 305 shares of the company's stock worth $30,000 after buying an additional 145 shares in the last quarter. Finally, Root Financial Partners LLC raised its holdings in shares of Chord Energy by 178.6% in the first quarter. Root Financial Partners LLC now owns 234 shares of the company's stock valued at $33,000 after buying an additional 150 shares during the last quarter. Institutional investors and hedge funds own 97.76% of the company's stock.

Insider Activity

In other news, EVP Shannon Kinney sold 4,019 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total value of $562,660.00. Following the transaction, the executive vice president owned 13,560 shares in the company, valued at approximately $1,898,400. This represents a 22.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Douglas E. Brooks sold 8,000 shares of Chord Energy stock in a transaction on Friday, August 7th. The stock was sold at an average price of $133.14, for a total value of $1,065,120.00. Following the completion of the sale, the director directly owned 10,705 shares of the company's stock, valued at approximately $1,425,263.70. The trade was a 42.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 23,969 shares of company stock worth $3,389,599 in the last quarter. 0.79% of the stock is owned by company insiders.

Chord Energy Stock Performance

CHRD stock opened at $152.01 on Monday. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 0.18. The firm has a market cap of $8.31 billion, a PE ratio of 10.19 and a beta of 0.50. The business has a 50 day moving average of $137.09 and a 200-day moving average of $133.53. Chord Energy Corporation has a 12-month low of $84.25 and a 12-month high of $154.00.

Chord Energy (NASDAQ:CHRD - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share for the quarter, missing analysts' consensus estimates of $6.55 by ($0.11). The firm had revenue of $2.17 billion for 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 business's revenue was up 128.6% on a year-over-year basis. During the same period last year, the company posted $1.79 EPS. As a group, sell-side analysts expect that Chord Energy Corporation will post 19.33 earnings per share for the current year.

Chord Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Thursday, August 20th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Thursday, August 20th. Chord Energy's payout ratio is presently 34.85%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Wall Street Zen downgraded shares of Chord Energy from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 27th. Wells Fargo & Company lifted their target price on Chord Energy from $163.00 to $175.00 and gave the company an "overweight" rating in a research report on Wednesday, September 2nd. Citigroup dropped their price objective 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 upgraded Chord Energy from a "strong sell" rating to a "hold" rating in a research note on Wednesday, September 9th. Finally, UBS Group increased their price objective on shares of Chord Energy from $153.00 to $171.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Chord Energy presently has an average rating of "Moderate Buy" and a consensus target price of $155.50.

Chord Energy Profile

Chord Energy Corporation NASDAQ: CHRD is an independent exploration and production company focused on developing and producing oil, natural gas and natural gas liquids. Its operations are concentrated in the Williston Basin, primarily across the Bakken and Three Forks formations in North Dakota and Montana.

The company's activities include acquiring acreage, drilling and completing wells, and managing the production and sale of hydrocarbons. Chord's portfolio is weighted toward crude oil, with associated natural gas and natural gas liquids contributing to its production mix.

Chord Energy was formed through the 2022 combination of Oasis Petroleum and Whiting Petroleum, two companies with established operations in the Williston Basin.

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