Edgestream Partners L.P. Has $746,000 Stake in Chord Energy Corporation $CHRD

Key Points

• Edgestream Partners sharply reduced its Chord Energy stake by 83.9% in the first quarter, selling 27,372 shares and retaining 5,247 shares valued at approximately $746,000.
• Institutional investors and hedge funds own 97.76% of Chord Energy. Several major firms, including Geode Capital, Dimensional Fund Advisors and Adage Capital, increased their holdings.
• Analysts maintain a consensus “Moderate Buy” rating with an average target price of $152.38. Chord Energy also exceeded quarterly expectations, reporting $4.56 in EPS versus the $3.51 consensus and $1.67 billion in revenue.

Edgestream Partners L.P. trimmed its stake in Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 83.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,247 shares of the company's stock after selling 27,372 shares during the period. Edgestream Partners L.P.'s holdings in Chord Energy were worth $746,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC boosted its stake in shares of Chord Energy by 15.6% in the 4th quarter. Geode Capital Management LLC now owns 2,053,045 shares of the company's stock valued at $190,346,000 after purchasing an additional 277,588 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Chord Energy by 6.1% in the 4th quarter. Wellington Management Group LLP now owns 1,809,526 shares of the company's stock worth $167,743,000 after purchasing an additional 104,373 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Chord Energy by 27.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company's stock worth $220,078,000 after purchasing an additional 329,565 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of Chord Energy by 18.4% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,243,850 shares of the company's stock worth $115,305,000 after purchasing an additional 193,469 shares in the last quarter. Finally, Sourcerock Group LLC increased its holdings in shares of Chord Energy by 2.1% during the second quarter. Sourcerock Group LLC now owns 1,031,973 shares of the company's stock worth $99,947,000 after buying an additional 20,916 shares in the last quarter. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CHRD has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their target price on shares of Chord Energy from $136.00 to $175.00 and gave the company an "overweight" rating in a research note on Wednesday, April 8th. UBS Group decreased their price target on Chord Energy from $179.00 to $153.00 and set a "buy" rating on the stock in a research report on Friday, July 10th. Roth Capital reaffirmed a "buy" rating and set a $145.00 price target on shares of Chord Energy in a report on Wednesday, July 15th. Scotiabank lifted their price objective on Chord Energy from $114.00 to $135.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. Finally, Citigroup reduced their price objective on Chord Energy from $155.00 to $130.00 and set a "neutral" rating on the stock in a research note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $152.38.

Chord Energy Stock Performance

CHRD stock opened at $136.89 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.18. Chord Energy Corporation has a twelve month low of $84.25 and a twelve month high of $151.95. The company has a market cap of $7.71 billion, a P/E ratio of -121.14 and a beta of 0.48. The business's fifty day moving average is $128.14 and its 200-day moving average is $124.74.

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

Insider Buying and Selling at Chord Energy

In related news, Director Douglas E. Brooks sold 3,500 shares of the company's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $136.71, for a total value of $478,485.00. Following the completion of the sale, the director owned 20,205 shares in the company, valued at $2,762,225.55. This represents a 14.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Darrin J. Henke sold 1,276 shares of the firm's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $145.97, for a total value of $186,257.72. Following the sale, the chief operating officer directly owned 21,157 shares in the company, valued at $3,088,287.29. The trade was a 5.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 9,276 shares of company stock valued at $1,285,968 in the last three months. 0.79% of the stock is owned by company insiders.

About Chord Energy

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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