Chord Energy Corporation $CHRD Holdings Increased by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management LLC increased its position in Chord Energy by 27.8% in Q1, acquiring an additional 97,086 shares, which now constitutes approximately 3.1% of its portfolio.
• Recent analyst ratings for Chord Energy show a mix of upgrades and downgrades, with the average rating being a "Moderate Buy" and a consensus price target of $148.77.
• Chord Energy announced a quarterly dividend of $1.30 per share, with a yield of 5.1%, while its dividend payout ratio currently stands at 132.32%.

HITE Hedge Asset Management LLC grew its holdings in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 27.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 446,015 shares of the company's stock after purchasing an additional 97,086 shares during the period. Chord Energy comprises 3.1% of HITE Hedge Asset Management LLC's holdings, making the stock its 7th largest holding. HITE Hedge Asset Management LLC owned 0.75% of Chord Energy worth $50,275,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CHRD. Hexagon Capital Partners LLC boosted its holdings in shares of Chord Energy by 321.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 447 shares of the company's stock valued at $50,000 after acquiring an additional 341 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Chord Energy by 5,877.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 538 shares of the company's stock worth $61,000 after buying an additional 529 shares during the last quarter. Fifth Third Bancorp raised its stake in Chord Energy by 195.8% during the first quarter. Fifth Third Bancorp now owns 698 shares of the company's stock worth $79,000 after buying an additional 462 shares during the last quarter. GAMMA Investing LLC increased its stake in Chord Energy by 184.0% in the first quarter. GAMMA Investing LLC now owns 727 shares of the company's stock valued at $82,000 after purchasing an additional 471 shares in the last quarter. Finally, UMB Bank n.a. bought a new stake in Chord Energy in the first quarter valued at $91,000. Institutional investors and hedge funds own 97.76% of the company's stock.

Chord Energy Stock Up 3.9%

Chord Energy stock traded up $3.93 during midday trading on Friday, hitting $105.93. 660,381 shares of the stock were exchanged, compared to its average volume of 795,202. Chord Energy Corporation has a 52-week low of $79.83 and a 52-week high of $154.75. The stock has a market capitalization of $6.07 billion, a price-to-earnings ratio of 26.95 and a beta of 0.97. The business's 50-day moving average price is $104.50 and its 200-day moving average price is $101.73. The company has a quick ratio of 0.90, a current ratio of 0.97 and a debt-to-equity ratio of 0.11.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its earnings results 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 during the quarter, compared to analysts' expectations of $984.07 million. Chord Energy had a net margin of 5.02% and a return on equity of 9.02%. The firm's revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.69 earnings per share. On average, research analysts expect that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Thursday, August 21st will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Thursday, August 21st. Chord Energy's payout ratio is presently 132.32%.

Wall Street Analysts Forecast Growth

CHRD has been the subject of several research analyst reports. UBS Group lifted their price target on shares of Chord Energy from $120.00 to $122.00 and gave the company a "buy" rating in a research note on Wednesday. Bank of America reduced their price objective on shares of Chord Energy from $114.00 to $112.00 and set a "buy" rating for the company in a report on Friday, May 23rd. Mizuho reduced their price objective on shares of Chord Energy from $154.00 to $150.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Piper Sandler lifted their price objective on shares of Chord Energy from $164.00 to $166.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Finally, Wall Street Zen cut shares of Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Chord Energy presently has an average rating of "Moderate Buy" and a consensus price target of $148.92.

Insiders Place Their Bets

In other Chord Energy news, EVP Shannon Browning Kinney sold 1,000 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $101.64, for a total value of $101,640.00. Following the transaction, the executive vice president directly owned 17,669 shares in the company, valued at $1,795,877.16. The trade was a 5.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is currently owned by insiders.

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.