Empowered Funds LLC Raises Position in Chord Energy Corporation $CHRD

Key Points

• Empowered Funds LLC increased its holdings in Chord Energy Corporation by 17% during the first quarter, reaching approximately $3.83 million in total investment.
• Analyst upgrades for Chord Energy include target price increases by several firms, with Citigroup raising it to $125 and Wells Fargo to $146, maintaining positive ratings.
• Chord Energy recently announced a quarterly dividend of $1.30, resulting in an annualized yield of 5% despite a high payout ratio of 132.32%.

Empowered Funds LLC grew its holdings in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 17.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,949 shares of the company's stock after acquiring an additional 4,931 shares during the period. Empowered Funds LLC owned 0.06% of Chord Energy worth $3,827,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its stake in Chord Energy by 8.6% during the 4th quarter. Ameriprise Financial Inc. now owns 108,561 shares of the company's stock worth $12,693,000 after buying an additional 8,621 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Chord Energy by 25.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 90,571 shares of the company's stock valued at $10,590,000 after buying an additional 18,104 shares in the last quarter. Occudo Quantitative Strategies LP grew its stake in Chord Energy by 60.0% in the 4th quarter. Occudo Quantitative Strategies LP now owns 3,502 shares of the company's stock valued at $409,000 after buying an additional 1,313 shares in the last quarter. Nomura Holdings Inc. purchased a new position in Chord Energy in the 4th quarter valued at approximately $981,000. Finally, ProShare Advisors LLC grew its stake in Chord Energy by 6.0% in the 4th quarter. ProShare Advisors LLC now owns 2,861 shares of the company's stock valued at $335,000 after buying an additional 163 shares in the last quarter. 97.76% of the stock is owned by institutional investors.

Chord Energy Price Performance

Shares of NASDAQ:CHRD traded down $0.58 on Thursday, reaching $104.77. The company's stock had a trading volume of 181,073 shares, compared to its average volume of 844,131. Chord Energy Corporation has a 52-week low of $79.83 and a 52-week high of $140.15. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.97. The company has a 50-day simple moving average of $105.84 and a 200 day simple moving average of $101.07. The company has a market cap of $6.00 billion, a P/E ratio of 26.65 and a beta of 0.97.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $1.79 earnings per share for the quarter, missing analysts' consensus estimates of $1.88 by ($0.09). The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $984.07 million. Chord Energy had a net margin of 5.02% and a return on equity of 9.02%. The company's quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.69 EPS. As a group, equities research analysts anticipate that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Thursday, August 21st were paid a dividend of $1.30 per share. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.0%. Chord Energy's dividend payout ratio is currently 132.32%.

Insider Transactions at Chord Energy

In other news, EVP Shannon Browning Kinney sold 3,019 shares of Chord Energy stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $105.43, for a total transaction of $318,293.17. Following the completion of the sale, the executive vice president directly owned 14,650 shares in the company, valued at $1,544,549.50. The trade was a 17.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.70% of the company's stock.

Analysts Set New Price Targets

CHRD has been the subject of several research reports. Wells Fargo & Company upped their target price on shares of Chord Energy from $146.00 to $149.00 and gave the stock an "overweight" rating in a research report on Wednesday. Bank of America increased their price target on shares of Chord Energy from $112.00 to $123.00 and gave the stock a "buy" rating in a research note on Wednesday. Wall Street Zen cut shares of Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Citigroup increased 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. Finally, Mizuho dropped their target price on shares of Chord Energy from $152.00 to $142.00 and set an "outperform" rating on the stock in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Chord Energy has an average rating of "Moderate Buy" and a consensus target price of $149.42.

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.