Petrus Trust Company LTA Sells 3,164 Shares of Chord Energy Corporation $CHRD

Key Points

• Petrus Trust Company LTA significantly reduced its position in Chord Energy Corporation by 63.3% during the first quarter, now holding just 1,837 shares worth approximately $207,000.
• Chord Energy reported $1.79 earnings per share for the quarter ending August 6, missing the consensus estimate of $1.88, although revenue increased by 5.3% year-over-year.
• The company declared a quarterly dividend of $1.30 per share, with a dividend yield of 5.1%, despite having a high payout ratio of 132.32%.

Petrus Trust Company LTA trimmed its stake in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 63.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,837 shares of the company's stock after selling 3,164 shares during the quarter. Petrus Trust Company LTA's holdings in Chord Energy were worth $207,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. National Bank of Canada FI lifted its holdings in shares of Chord Energy by 2.1% during the first quarter. National Bank of Canada FI now owns 5,258 shares of the company's stock worth $592,000 after buying an additional 106 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Chord Energy by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,921 shares of the company's stock worth $329,000 after buying an additional 118 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Chord Energy by 6.0% during the fourth quarter. ProShare Advisors LLC now owns 2,861 shares of the company's stock worth $335,000 after buying an additional 163 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Chord Energy by 1.0% during the first quarter. State of Alaska Department of Revenue now owns 19,163 shares of the company's stock worth $2,159,000 after buying an additional 190 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC lifted its holdings in shares of Chord Energy by 3.9% during the first quarter. Avidian Wealth Enterprises LLC now owns 5,347 shares of the company's stock worth $603,000 after buying an additional 200 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 news, EVP Shannon Browning Kinney sold 3,019 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $105.43, for a total transaction of $318,293.17. Following the sale, the executive vice president directly owned 14,650 shares in the company, valued at approximately $1,544,549.50. The trade was a 17.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.70% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wall Street Zen downgraded Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Bank of America dropped their price target on Chord Energy from $114.00 to $112.00 and set a "buy" rating for the company in a research note on Friday, May 23rd. Citigroup boosted their price target on Chord Energy from $120.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Piper Sandler boosted their price target on Chord Energy from $164.00 to $166.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Finally, UBS Group boosted their price target on Chord Energy from $120.00 to $122.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Chord Energy has an average rating of "Moderate Buy" and an average price target of $148.00.

Chord Energy Price Performance

Chord Energy stock traded down $1.45 during midday trading on Monday, reaching $102.71. The company's stock had a trading volume of 113,835 shares, compared to its average volume of 838,702. Chord Energy Corporation has a 52 week low of $79.83 and a 52 week high of $140.15. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. The business has a 50-day moving average price of $105.93 and a 200-day moving average price of $101.08. The stock has a market cap of $5.88 billion, a PE ratio of 26.12 and a beta of 0.97.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.88 by ($0.09). Chord Energy had a net margin of 5.02% and a return on equity of 9.02%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $984.07 million. During the same quarter in the prior year, the firm earned $4.69 EPS. The business's revenue was up 5.3% on a year-over-year basis. On average, sell-side analysts predict that Chord Energy Corporation will post 15.59 EPS for the current year.

Chord Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Thursday, August 21st were issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 5.1%. The ex-dividend date was Thursday, August 21st. Chord Energy's payout ratio is 132.32%.

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.