Principal Financial Group Inc. Lowers Stock Position in Chord Energy Corporation (NASDAQ:CHRD)

Principal Financial Group Inc. decreased its stake 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 Form 13F filing with the SEC. The fund owned 401,902 shares of the company's stock after selling 10,429 shares during the quarter. Principal Financial Group Inc. owned about 0.68% of Chord Energy worth $45,302,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. FMR LLC lifted its stake in shares of Chord Energy by 11.5% in the 4th quarter. FMR LLC now owns 3,814,384 shares of the company's stock valued at $445,978,000 after purchasing an additional 394,372 shares during the last quarter. Boston Partners increased its position in Chord Energy by 5.6% during the 4th quarter. Boston Partners now owns 2,186,483 shares of the company's stock valued at $255,684,000 after purchasing an additional 115,215 shares during the period. American Century Companies Inc. raised its stake in Chord Energy by 15.0% in the fourth quarter. American Century Companies Inc. now owns 1,116,073 shares of the company's stock worth $130,491,000 after buying an additional 145,627 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in Chord Energy by 19.0% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 855,381 shares of the company's stock worth $100,011,000 after buying an additional 136,751 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Chord Energy by 6.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 791,958 shares of the company's stock valued at $89,198,000 after acquiring an additional 47,649 shares during the period. Hedge funds and other institutional investors own 97.76% of the company's stock.

Insider Transactions at Chord Energy

In other news, EVP Shannon Browning Kinney sold 3,091 shares of Chord Energy 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 of the company's stock, valued at approximately $2,002,165.70. The trade was a 12.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.70% of the company's stock.

Chord Energy Price Performance

NASDAQ CHRD traded down $0.97 during trading hours on Wednesday, hitting $107.23. 216,901 shares of the company's stock traded hands, compared to its average volume of 855,548. 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 firm's 50-day moving average is $96.97 and its 200-day moving average is $104.70. Chord Energy Corporation has a 52-week low of $79.83 and a 52-week high of $181.17. The company has a market capitalization of $6.19 billion, a PE ratio of 7.17 and a beta of 0.96.

Chord Energy (NASDAQ:CHRD - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.60 by $0.44. The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations 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 for the quarter was up 12.0% on a year-over-year basis. During the same quarter last year, the firm earned $5.10 earnings per share. Equities analysts forecast that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Wednesday, May 21st were issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.85%. The ex-dividend date was Wednesday, May 21st. Chord Energy's dividend payout ratio is currently 34.78%.

Analyst Upgrades and Downgrades

CHRD has been the topic of a number of recent analyst reports. Citigroup lowered their price target on shares of Chord Energy from $135.00 to $120.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Bank of America reduced their price target on shares of Chord Energy from $114.00 to $112.00 and set a "buy" rating for the company in a research report on Friday, May 23rd. Morgan Stanley set a $139.00 price target on Chord Energy and gave the company a "cautious" rating in a report on Wednesday, March 26th. Royal Bank Of Canada reduced their price target on Chord Energy from $165.00 to $145.00 and set an "outperform" rating for the company in a report on Friday, April 11th. Finally, Wall Street Zen raised shares of Chord Energy from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $150.69.

About Chord Energy

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.