Empowered Funds LLC Reduces Stake in Chord Energy Corporation $CHRD

Key Points

• Empowered Funds LLC cut its Chord Energy stake by 26.7% in the first quarter, selling 11,186 shares and retaining 30,742 shares valued at approximately $4.37 million. Institutional investors collectively own 97.76% of the company.
• Chord Energy reported first-quarter adjusted earnings of $4.56 per share, beating estimates by $1.05, while revenue rose 37.1% year over year to $1.67 billion.
• The company paid a quarterly dividend of $1.30 per share, equivalent to a $5.20 annualized dividend and a 3.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $152.38.

Empowered Funds LLC reduced its stake in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 26.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,742 shares of the company's stock after selling 11,186 shares during the quarter. Empowered Funds LLC owned about 0.05% of Chord Energy worth $4,371,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Bessemer Group Inc. grew its holdings in Chord Energy by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company's stock worth $27,000 after acquiring an additional 74 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Chord Energy during the 1st quarter valued at about $29,000. WealthCollab LLC raised its holdings in shares of Chord Energy by 90.6% in the 2nd quarter. WealthCollab LLC now owns 305 shares of the company's stock valued at $30,000 after purchasing an additional 145 shares in the last quarter. Root Financial Partners LLC raised its holdings in shares of Chord Energy by 178.6% in the 1st quarter. Root Financial Partners LLC now owns 234 shares of the company's stock valued at $33,000 after purchasing an additional 150 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its position in shares of Chord Energy by 213.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 501 shares of the company's stock worth $47,000 after purchasing an additional 341 shares during the period. 97.76% of the stock is currently owned by institutional investors.

Insider Activity at Chord Energy

In other Chord Energy news, Director Douglas E. Brooks sold 3,500 shares of the business's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $136.71, for a total transaction of $478,485.00. Following the sale, the director owned 20,205 shares of the company's stock, valued at approximately $2,762,225.55. The trade was a 14.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Darrin J. Henke sold 1,276 shares of the business's stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $145.97, for a total transaction of $186,257.72. Following the sale, the chief operating officer directly owned 21,157 shares in the company, valued at approximately $3,088,287.29. This represents 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 over the last ninety days. 0.79% of the stock is currently owned by insiders.

Chord Energy Price Performance

Shares of CHRD stock opened at $140.38 on Monday. The stock's fifty day moving average price is $128.26 and its 200 day moving average price is $124.11. Chord Energy Corporation has a 1-year low of $84.25 and a 1-year high of $151.95. The company has a market cap of $7.90 billion, a price-to-earnings ratio of -124.23 and a beta of 0.48. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.96.

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

Chord Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th were issued a dividend of $1.30 per share. The ex-dividend date was Wednesday, May 20th. This represents a $5.20 annualized dividend and a dividend yield of 3.7%. Chord Energy's dividend payout ratio is -460.18%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Zacks Research downgraded shares of Chord Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 9th. UBS Group reduced their price objective on shares of Chord Energy from $179.00 to $153.00 and set a "buy" rating for the company in a research note on Friday, July 10th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Chord Energy in a research report on Monday, June 29th. Roth Capital reiterated a "buy" rating and issued a $145.00 price target on shares of Chord Energy in a report on Wednesday, July 15th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Chord Energy in a research report on Friday, June 12th. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $152.38.

Chord Energy Profile

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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