Chord Energy Corporation $CHRD Shares Sold by Whitebox Advisors LLC

Key Points

• Whitebox Advisors reduced its Chord Energy stake by 8.6% in the first quarter, selling 15,000 shares and retaining 159,476 shares valued at approximately $22.7 million. Institutional investors collectively own 97.76% of the company.
• Chord Energy reported stronger-than-expected quarterly results, with EPS of $4.56 versus estimates of $3.51 and revenue of $1.67 billion, up 37.1% year over year. The company also announced a $1.30 quarterly dividend, equivalent to a 3.8% annualized yield.
• Analyst sentiment remains favorable, with 11 Buy ratings and five Holds producing a consensus “Moderate Buy” rating and an average price target of $152.38. The stock recently traded at $138.36.

Whitebox Advisors LLC decreased its holdings in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 8.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 159,476 shares of the company's stock after selling 15,000 shares during the quarter. Whitebox Advisors LLC owned about 0.28% of Chord Energy worth $22,674,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SummitTX Capital L.P. acquired a new position in Chord Energy in the first quarter valued at $1,059,000. Entropy Technologies LP acquired a new stake in Chord Energy during the first quarter worth about $470,000. Morningstar Investment Management LLC purchased a new position in shares of Chord Energy in the 1st quarter worth about $2,882,000. Compound Planning Inc. purchased a new position in shares of Chord Energy in the 1st quarter worth about $915,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Chord Energy by 178.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 424,841 shares of the company's stock valued at $60,404,000 after purchasing an additional 272,349 shares in the last quarter. Hedge funds and other institutional investors own 97.76% of the company's stock.

Chord Energy Stock Performance

Chord Energy stock opened at $138.36 on Monday. Chord Energy Corporation has a 52 week low of $84.25 and a 52 week high of $151.95. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18. The stock has a market cap of $7.79 billion, a P/E ratio of -122.44 and a beta of 0.49. The stock has a 50 day moving average of $129.37 and a 200-day moving average of $122.57.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.51 by $1.05. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.21 billion. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The business's revenue was up 37.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.04 earnings per share. On average, analysts expect that Chord Energy Corporation will post 18.32 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th were given a $1.30 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $5.20 annualized dividend and a dividend yield of 3.8%. Chord Energy's payout ratio is presently -460.18%.

Insider Activity

In other news, COO Darrin J. Henke sold 1,276 shares of the company's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $145.97, for a total value of $186,257.72. Following the sale, the chief operating officer owned 21,157 shares in the company, valued at approximately $3,088,287.29. This represents a 5.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Douglas E. Brooks sold 1,500 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $138.57, for a total transaction of $207,855.00. Following the completion of the sale, the director owned 18,705 shares in the company, valued at approximately $2,591,951.85. This trade represents a 7.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,276 shares of company stock valued at $1,285,968 in the last three months. Insiders own 0.79% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on CHRD shares. BMO Capital Markets restated an "outperform" rating on shares of Chord Energy in a report on Monday, June 29th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Chord Energy in a research note on Friday, June 12th. Truist Financial reduced their target price on shares of Chord Energy from $185.00 to $170.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. Mizuho upped their target price on shares of Chord Energy from $164.00 to $175.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Finally, Wells Fargo & Company raised their price target on shares of Chord Energy from $136.00 to $175.00 and gave the company an "overweight" rating in a report on Wednesday, April 8th. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $152.38.

Chord Energy Company 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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