Picton Mahoney Asset Management Buys 42,283 Shares of Chord Energy Corporation (NASDAQ:CHRD)

Key Points

• Picton Mahoney Asset Management significantly increased its stake in Chord Energy Corporation by 528,537.5%, holding a total of 42,291 shares valued at approximately $4.77 million.
• Research analysts have adjusted their target prices for Chord Energy, with a consensus target now set at $151.54 and ratings varying from "sell" to "strong buy."
• Chord Energy announced a quarterly dividend of $1.30 per share, providing an annualized dividend yield of 4.56%.

Picton Mahoney Asset Management lifted its holdings in Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 528,537.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,291 shares of the company's stock after buying an additional 42,283 shares during the quarter. Picton Mahoney Asset Management owned approximately 0.07% of Chord Energy worth $4,767,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Norden Group LLC purchased a new stake in shares of Chord Energy in the 1st quarter worth about $298,000. TCW Group Inc. grew its position in Chord Energy by 72.2% during the 1st quarter. TCW Group Inc. now owns 63,096 shares of the company's stock valued at $7,112,000 after purchasing an additional 26,456 shares during the last quarter. LPL Financial LLC boosted its holdings in shares of Chord Energy by 22.6% during the 1st quarter. LPL Financial LLC now owns 22,101 shares of the company's stock valued at $2,491,000 after acquiring an additional 4,069 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Chord Energy by 13.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,839 shares of the company's stock valued at $1,898,000 after acquiring an additional 1,944 shares during the last quarter. Finally, Royce & Associates LP boosted its holdings in shares of Chord Energy by 13.3% during the 1st quarter. Royce & Associates LP now owns 64,857 shares of the company's stock valued at $7,311,000 after acquiring an additional 7,632 shares during the last quarter. 97.76% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Chord Energy news, EVP Shannon Browning Kinney sold 3,091 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $94.10, for a total transaction of $290,863.10. Following the sale, the executive vice president owned 21,277 shares in the company, valued at approximately $2,002,165.70. This trade represents a 12.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.70% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CHRD shares. Wells Fargo & Company raised their price target on shares of Chord Energy from $142.00 to $143.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Bank of America dropped their price target on shares of Chord Energy from $114.00 to $112.00 and set a "buy" rating on the stock in a report on Friday, May 23rd. Citigroup raised their price target on shares of Chord Energy from $120.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Piper Sandler raised their price target on shares of Chord Energy from $159.00 to $164.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Finally, Royal Bank Of Canada dropped their price target on shares of Chord Energy from $165.00 to $145.00 and set an "outperform" rating on the stock in a report on Friday, April 11th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $151.54.

Chord Energy Stock Performance

Shares of CHRD traded down $4.47 on Friday, reaching $105.86. The company's stock had a trading volume of 649,942 shares, compared to its average volume of 570,914. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.89 and a quick ratio of 0.83. The stock has a market capitalization of $6.11 billion, a P/E ratio of 7.08 and a beta of 0.97. The stock's 50 day simple moving average is $102.27 and its two-hundred day simple moving average is $103.50. Chord Energy Corporation has a 12-month low of $79.83 and a 12-month high of $165.59.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $4.04 EPS for the quarter, topping analysts' consensus estimates of $3.60 by $0.44. Chord Energy had a net margin of 16.15% and a return on equity of 10.34%. The company had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.07 billion. During the same quarter last year, the business earned $5.10 EPS. The firm's revenue was up 12.0% compared to the same quarter last year. Research analysts forecast that Chord Energy Corporation will post 15.59 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Wednesday, May 21st were paid a dividend of $1.30 per share. The ex-dividend date was Wednesday, May 21st. This represents a $5.20 dividend on an annualized basis and a yield of 4.9%. Chord Energy's dividend payout ratio (DPR) is presently 34.78%.

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.