Geode Capital Management LLC Purchases 277,588 Shares of Chord Energy Corporation $CHRD

Key Points

• Geode Capital Management increased its stake in Chord Energy by 15.6% in the fourth quarter, buying 277,588 additional shares and bringing its total holding to 2.05 million shares valued at about $190.3 million.
• Chord Energy’s latest earnings beat expectations, with Q1 revenue of $1.67 billion and EPS of $4.56 topping analyst forecasts; revenue also rose 37.1% year over year.
• The company recently announced a quarterly dividend of $1.30 per share, equal to an annualized yield of 3.7%, while analysts currently rate the stock a consensus Moderate Buy with a $157.54 target price.

Geode Capital Management LLC raised its position in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 15.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,053,045 shares of the company's stock after purchasing an additional 277,588 shares during the quarter. Geode Capital Management LLC owned 3.61% of Chord Energy worth $190,346,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Victory Capital Management Inc. grew its stake in shares of Chord Energy by 5.4% during the 3rd quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company's stock valued at $314,661,000 after purchasing an additional 163,125 shares during the period. Wellington Management Group LLP grew its stake in shares of Chord Energy by 19.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,705,153 shares of the company's stock valued at $169,441,000 after purchasing an additional 282,746 shares during the period. Sourcerock Group LLC grew its stake in shares of Chord Energy by 2.1% during the 2nd quarter. Sourcerock Group LLC now owns 1,031,973 shares of the company's stock valued at $99,947,000 after purchasing an additional 20,916 shares during the period. Adage Capital Partners GP L.L.C. grew its stake in shares of Chord Energy by 22.2% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 990,381 shares of the company's stock valued at $95,918,000 after purchasing an additional 180,000 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of Chord Energy by 28.7% during the 3rd quarter. AQR Capital Management LLC now owns 944,696 shares of the company's stock valued at $93,874,000 after purchasing an additional 210,471 shares during the period. 97.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CHRD has been the subject of a number of recent research reports. Roth Mkm restated a "buy" rating and set a $140.00 price target (up from $130.00) on shares of Chord Energy in a research note on Friday, April 17th. Citigroup boosted their price target on Chord Energy from $120.00 to $155.00 and gave the company a "neutral" rating in a report on Tuesday, March 31st. Weiss Ratings raised Chord Energy from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, March 17th. Morgan Stanley boosted their price target on Chord Energy from $168.00 to $175.00 and gave the company an "overweight" rating in a report on Friday, May 22nd. Finally, Wall Street Zen raised Chord Energy from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 30th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $157.54.

Chord Energy Stock Performance

NASDAQ:CHRD opened at $140.62 on Thursday. The stock has a 50-day simple moving average of $139.17 and a two-hundred day simple moving average of $114.21. Chord Energy Corporation has a 52-week low of $84.25 and a 52-week high of $151.95. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.96 and a current ratio of 1.02. The firm has a market capitalization of $7.92 billion, a PE ratio of -124.44 and a beta of 0.48.

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 (EPS) 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 business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the previous year, the company posted $4.04 earnings per share. Chord Energy's revenue for the quarter was up 37.1% on a year-over-year basis. Analysts forecast that Chord Energy Corporation will post 20.53 EPS for the current year.

Chord Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th will be paid a $1.30 dividend. The ex-dividend date of this dividend is Wednesday, May 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.7%. Chord Energy's dividend payout ratio is -460.18%.

Insider Transactions at Chord Energy

In other news, COO Darrin J. Henke sold 1,276 shares of the company's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $145.97, for a total value of $186,257.72. Following the completion of the transaction, the chief operating officer owned 21,157 shares of the company's stock, valued at $3,088,287.29. This represents a 5.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Douglas E. Brooks sold 3,500 shares of the company's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $136.71, for a total value of $478,485.00. Following the completion of the transaction, the director directly owned 20,205 shares of the company's stock, valued at approximately $2,762,225.55. This trade represents a 14.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,402 shares of company stock valued at $3,423,733 over the last 90 days. Company insiders own 0.79% of the company's stock.

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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