Hodges Capital Management Inc. Sells 23,925 Shares of Chord Energy Corporation $CHRD

Key Points

• Hodges Capital Management Inc. reduced its stake in Chord Energy Corporation by 49.4%, selling 23,925 shares and leaving it with 24,525 shares valued at approximately $2.76 million.
• Chord Energy recently announced a quarterly dividend of $1.30 per share, amounting to an annualized dividend of $5.20 with a yield of 5.0%, despite a current dividend payout ratio of 132.32%.
• The company missed analysts' earnings expectations by posting $1.79 earnings per share for the latest quarter, compared to the predicted $1.88, while revenues increased 5.3% year-over-year to $1.18 billion.

Hodges Capital Management Inc. trimmed its holdings in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 49.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,525 shares of the company's stock after selling 23,925 shares during the quarter. Hodges Capital Management Inc.'s holdings in Chord Energy were worth $2,764,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CHRD. Ameriprise Financial Inc. grew its holdings 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 acquiring an additional 8,621 shares during the last quarter. Baird Financial Group Inc. boosted its holdings in Chord Energy by 4.3% in the fourth quarter. Baird Financial Group Inc. now owns 6,338 shares of the company's stock valued at $741,000 after acquiring an additional 259 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Chord Energy by 5.1% in the fourth quarter. Janus Henderson Group PLC now owns 301,852 shares of the company's stock valued at $35,292,000 after acquiring an additional 14,769 shares during the last quarter. LMR Partners LLP bought a new stake in Chord Energy in the fourth quarter valued at approximately $241,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Chord Energy by 25.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 90,571 shares of the company's stock valued at $10,590,000 after acquiring an additional 18,104 shares during the last quarter. 97.76% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Shannon Browning Kinney sold 3,019 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $105.43, for a total value of $318,293.17. Following the transaction, the executive vice president directly owned 14,650 shares in the company, valued at $1,544,549.50. This trade represents a 17.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.70% of the stock is currently owned by corporate insiders.

Chord Energy Price Performance

Chord Energy stock opened at $104.87 on Friday. The stock has a market capitalization of $6.00 billion, a price-to-earnings ratio of 26.68 and a beta of 0.97. Chord Energy Corporation has a 52-week low of $79.83 and a 52-week high of $140.15. The stock's 50 day moving average price is $105.93 and its two-hundred day moving average price is $101.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.97.

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

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Thursday, August 21st were issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date was Thursday, August 21st. Chord Energy's dividend payout ratio (DPR) is currently 132.32%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CHRD. Wells Fargo & Company upped their target price on Chord Energy from $143.00 to $146.00 and gave the company an "overweight" rating in a report on Friday, August 15th. Citigroup upped their target price on Chord Energy from $120.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Wall Street Zen cut Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. UBS Group upped their target price on Chord Energy from $120.00 to $122.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Finally, Bank of America reduced their target price on Chord Energy from $114.00 to $112.00 and set a "buy" rating on the stock in a report on Friday, May 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Chord Energy currently has a consensus rating of "Moderate Buy" and an average price target of $148.00.

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.

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