Wellington Management Group LLP Trims Position in Chord Energy Corporation $CHRD

Key Points

• Wellington Management Group LLP reduced its stake in Chord Energy Corporation by 7.3%, holding approximately 1.2 million shares valued at $136.93 million after selling 95,394 shares.
• Chord Energy reported a quarterly EPS of $1.79, falling short of analysts' expectations, but surpassed revenue estimates with $1.18 billion for the quarter.
• The company announced a quarterly dividend of $1.30, representing a 5.1% yield, despite having a high dividend payout ratio of 132.32%.

Wellington Management Group LLP cut its holdings in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 7.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,214,816 shares of the company's stock after selling 95,394 shares during the quarter. Wellington Management Group LLP owned 2.04% of Chord Energy worth $136,934,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC increased its position in shares of Chord Energy by 321.7% during the first quarter. Hexagon Capital Partners LLC now owns 447 shares of the company's stock worth $50,000 after acquiring an additional 341 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in Chord Energy by 5,877.8% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 538 shares of the company's stock worth $61,000 after purchasing an additional 529 shares in the last quarter. Fifth Third Bancorp increased its holdings in Chord Energy by 195.8% during the 1st quarter. Fifth Third Bancorp now owns 698 shares of the company's stock worth $79,000 after purchasing an additional 462 shares during the period. GAMMA Investing LLC raised its position in Chord Energy by 184.0% in the 1st quarter. GAMMA Investing LLC now owns 727 shares of the company's stock valued at $82,000 after purchasing an additional 471 shares in the last quarter. Finally, UMB Bank n.a. acquired a new position in shares of Chord Energy during the first quarter worth about $91,000. Hedge funds and other institutional investors 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 firm's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 14,650 shares in the company, valued at approximately $1,544,549.50. This trade represents a 17.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.70% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CHRD. UBS Group raised their target price on shares of Chord Energy from $120.00 to $122.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Piper Sandler increased their price objective on shares of Chord Energy from $164.00 to $166.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Citigroup lifted their price objective on shares of Chord Energy from $120.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Wall Street Zen downgraded shares of Chord Energy from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Finally, Bank of America dropped their target price on Chord Energy from $114.00 to $112.00 and set a "buy" rating on the stock in a report on Friday, May 23rd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $148.92.

Chord Energy Stock Performance

NASDAQ CHRD traded down $1.05 during trading hours on Tuesday, hitting $105.99. The company had a trading volume of 778,533 shares, compared to its average volume of 809,336. The business has a 50 day moving average of $104.51 and a 200-day moving average of $101.64. The company has a market cap of $6.07 billion, a PE ratio of 26.97 and a beta of 0.97. Chord Energy Corporation has a 1-year low of $79.83 and a 1-year high of $151.75. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.97.

Chord Energy (NASDAQ:CHRD - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $1.79 EPS for the quarter, missing analysts' consensus estimates of $1.88 by ($0.09). The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $984.07 million. Chord Energy had a return on equity of 9.02% and a net margin of 5.02%.The firm's revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $4.69 EPS. As a group, equities research analysts expect that Chord Energy Corporation will post 15.59 EPS for the current year.

Chord Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Thursday, August 21st will be paid a $1.30 dividend. The ex-dividend date is Thursday, August 21st. This represents a $5.20 dividend on an annualized basis and a yield of 4.9%. Chord Energy's payout ratio is currently 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.