Citigroup Inc. Increases Position in Chord Energy Corporation $CHRD

Key Points

• Citigroup Inc. increased its stake in Chord Energy Corporation by 126.5% in Q1, now owning approximately 0.15% of the company worth $9.84 million.
• Several institutional investors, including Hexagon Capital Partners LLC and Fifth Third Bancorp, have also significantly boosted their stakes in Chord Energy during the same period.
• Chord Energy recently announced a quarterly dividend of $1.30 per share, representing an annualized yield of 5.1%, despite a dividend payout ratio of 132.32%.

Citigroup Inc. raised its holdings in Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 126.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 87,264 shares of the company's stock after acquiring an additional 48,732 shares during the period. Citigroup Inc. owned approximately 0.15% of Chord Energy worth $9,836,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Altshuler Shaham Ltd purchased a new stake in shares of Chord Energy in the fourth quarter valued at approximately $25,000. Hexagon Capital Partners LLC lifted its position in 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 buying an additional 341 shares in the last quarter. Fifth Third Bancorp boosted its stake in Chord Energy by 195.8% during the first quarter. Fifth Third Bancorp now owns 698 shares of the company's stock worth $79,000 after buying an additional 462 shares during the last quarter. GAMMA Investing LLC grew its holdings 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 buying an additional 471 shares in the last quarter. Finally, UMB Bank n.a. purchased a new stake in Chord Energy in the 1st quarter valued at $91,000. 97.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on CHRD. Wells Fargo & Company lifted their price target on Chord Energy from $143.00 to $146.00 and gave the stock an "overweight" rating in a report on Friday, August 15th. Bank of America cut their price objective 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. Mizuho decreased their target price on shares of Chord Energy from $154.00 to $150.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Wall Street Zen cut shares of Chord Energy from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Finally, Citigroup raised their price target on shares of Chord Energy from $120.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. One investment 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 assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $148.92.

Chord Energy Trading Down 0.6%

NASDAQ CHRD traded down $0.58 during trading hours on Thursday, reaching $102.00. The company had a trading volume of 666,666 shares, compared to its average volume of 793,732. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $5.84 billion, a P/E ratio of 25.95 and a beta of 0.97. The stock has a 50-day moving average of $104.50 and a 200 day moving average of $101.78. Chord Energy Corporation has a 1-year low of $79.83 and a 1-year high of $154.75.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.79 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.88 by ($0.09). Chord Energy had a net margin of 5.02% and a return on equity of 9.02%. The company had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $984.07 million. During the same period last year, the firm posted $4.69 earnings per share. Chord Energy's revenue was up 5.3% on a year-over-year basis. As a group, research analysts anticipate 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 will be paid on Monday, September 8th. Shareholders of record on Thursday, August 21st will be given a $1.30 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $5.20 dividend on an annualized basis and a yield of 5.1%. Chord Energy's payout ratio is presently 132.32%.

Insider Transactions at Chord Energy

In other Chord Energy news, EVP Shannon Browning Kinney sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $101.64, for a total value of $101,640.00. Following the sale, the executive vice president owned 17,669 shares of the company's stock, valued at $1,795,877.16. The trade was a 5.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.70% of the stock is currently owned by insiders.

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.