Principal Financial Group Inc. Trims Stake in Chord Energy Corporation (NASDAQ:CHRD)

Principal Financial Group Inc. reduced its position in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 401,902 shares of the company's stock after selling 10,429 shares during the quarter. Principal Financial Group Inc. owned 0.68% of Chord Energy worth $45,302,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Natixis Advisors LLC bought a new position in shares of Chord Energy during the 4th quarter valued at approximately $1,191,000. JPMorgan Chase & Co. boosted its stake in Chord Energy by 3.3% in the 4th quarter. JPMorgan Chase & Co. now owns 263,288 shares of the company's stock worth $30,784,000 after purchasing an additional 8,455 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Chord Energy by 6.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 791,958 shares of the company's stock worth $89,198,000 after purchasing an additional 47,649 shares during the period. Perigon Wealth Management LLC boosted its stake in Chord Energy by 56.9% in the 1st quarter. Perigon Wealth Management LLC now owns 35,642 shares of the company's stock worth $4,018,000 after purchasing an additional 12,925 shares during the period. Finally, SG Americas Securities LLC boosted its stake in Chord Energy by 309.8% in the 1st quarter. SG Americas Securities LLC now owns 11,092 shares of the company's stock worth $1,250,000 after purchasing an additional 8,385 shares during the period. 97.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Wall Street Zen upgraded Chord Energy from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Mizuho decreased their price objective on Chord Energy from $154.00 to $150.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Piper Sandler decreased their price objective on Chord Energy from $161.00 to $159.00 and set an "overweight" rating on the stock in a report on Tuesday, July 1st. Citigroup raised their price objective on Chord Energy from $120.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, Morgan Stanley set a $139.00 price target on Chord Energy and gave the company a "cautious" rating in a research note on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $151.08.

Chord Energy Price Performance

Shares of Chord Energy stock traded up $1.19 on Thursday, reaching $108.11. The company's stock had a trading volume of 565,386 shares, compared to its average volume of 856,526. The company has a market capitalization of $6.24 billion, a P/E ratio of 7.23 and a beta of 0.96. Chord Energy Corporation has a 52-week low of $79.83 and a 52-week high of $181.17. The stock has a 50-day moving average price of $97.30 and a 200-day moving average price of $104.72. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.09.

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

Chord Energy Dividend Announcement

The business also recently disclosed 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. This represents a $5.20 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date was Wednesday, May 21st. Chord Energy's dividend payout ratio (DPR) is currently 34.78%.

Insiders Place Their Bets

In other Chord Energy news, EVP Shannon Browning Kinney sold 3,091 shares of the business's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $94.10, for a total transaction of $290,863.10. Following the transaction, the executive vice president owned 21,277 shares of the company's stock, valued at approximately $2,002,165.70. The trade was a 12.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.70% of the company's stock.

Chord Energy Company 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.