Fifth Third Bancorp Buys 26,574 Shares of Chord Energy Corporation $CHRD

Key Points

• Fifth Third Bancorp dramatically increased its stake in Chord Energy, buying 26,574 additional shares in the first quarter and boosting its holding to 27,048 shares valued at about $3.85 million.
• Wall Street remains generally constructive on CHRD, with 11 analysts rating it a Buy and five a Hold; the consensus price target is $152.38, and several firms recently adjusted their targets.
• Chord Energy posted strong quarterly results, beating earnings and revenue estimates, and it also paid a quarterly dividend of $1.30 per share for an annualized yield of about 4.1%.

Fifth Third Bancorp lifted its stake in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 5,606.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 27,048 shares of the company's stock after purchasing an additional 26,574 shares during the quarter. Fifth Third Bancorp's holdings in Chord Energy were worth $3,846,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in shares of Chord Energy during the 1st quarter worth $29,000. WealthCollab LLC increased its stake in shares of Chord Energy by 90.6% in the second quarter. WealthCollab LLC now owns 305 shares of the company's stock valued at $30,000 after buying an additional 145 shares during the period. Root Financial Partners LLC increased its position in 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 acquiring an additional 150 shares during the period. Rockefeller Capital Management L.P. raised its position in Chord Energy by 213.1% during 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 last quarter. Finally, TD Private Client Wealth LLC raised its position in shares of Chord Energy by 360.3% during the fourth quarter. TD Private Client Wealth LLC now owns 580 shares of the company's stock worth $54,000 after acquiring an additional 454 shares during the last quarter. 97.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on CHRD shares. Morgan Stanley cut their price target on shares of Chord Energy from $175.00 to $169.00 and set an "overweight" rating on the stock in a research report on Monday, June 29th. Williams Trading set a $189.00 price objective on shares of Chord Energy in a research note on Monday, April 20th. Scotiabank lifted their price objective on shares of Chord Energy from $114.00 to $135.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Roth Capital reissued a "buy" rating and set a $145.00 target price on shares of Chord Energy in a research report on Wednesday. Finally, Wall Street Zen lowered shares of Chord Energy from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 27th. Eleven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Chord Energy presently has an average rating of "Moderate Buy" and a consensus target price of $152.38.

Insider Buying and Selling

In other news, Director Douglas E. Brooks sold 1,500 shares of the company's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $138.57, for a total value of $207,855.00. Following the completion of the sale, the director owned 18,705 shares of the company's stock, valued at approximately $2,591,951.85. This represents a 7.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Darrin J. Henke sold 1,276 shares of the firm's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $145.97, for a total value of $186,257.72. Following the transaction, the chief operating officer directly owned 21,157 shares in the company, valued at $3,088,287.29. This trade represents a 5.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 9,276 shares of company stock valued at $1,285,968. Company insiders own 0.79% of the company's stock.

Chord Energy Stock Up 3.2%

CHRD opened at $128.10 on Friday. The firm has a market capitalization of $7.21 billion, a P/E ratio of -113.36 and a beta of 0.49. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.96. The company has a fifty day moving average price of $130.12 and a 200-day moving average price of $120.85. Chord Energy Corporation has a one year low of $84.25 and a one year high of $151.95.

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

Chord Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Wednesday, May 20th were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Wednesday, May 20th. Chord Energy's dividend payout ratio (DPR) is currently -460.18%.

Chord Energy Company 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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