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. cut its stake in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 49.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. IFM Investors Pty Ltd acquired a new position in Chord Energy during the 1st quarter worth about $1,206,000. Focus Partners Wealth acquired a new position in shares of Chord Energy in the 1st quarter valued at about $289,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Chord Energy by 17.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,964 shares of the company's stock valued at $13,973,000 after purchasing an additional 18,137 shares during the period. Empowered Funds LLC lifted its stake in shares of Chord Energy by 17.0% in the 1st quarter. Empowered Funds LLC now owns 33,949 shares of the company's stock valued at $3,827,000 after purchasing an additional 4,931 shares during the period. Finally, United Services Automobile Association acquired a new position in shares of Chord Energy in the 1st quarter valued at about $456,000. 97.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CHRD has been the topic of a number of recent analyst reports. Bank of America boosted their price objective on Chord Energy from $112.00 to $123.00 and gave the company a "buy" rating in a research note on Wednesday. UBS Group upped their price target on Chord Energy from $122.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday. Piper Sandler upped their price target on Chord Energy from $166.00 to $169.00 and gave the stock an "overweight" rating in a research note on Tuesday. Mizuho dropped their price target on Chord Energy from $152.00 to $142.00 and set an "outperform" rating on the stock in a research note on Monday. Finally, Wells Fargo & Company upped their price target on Chord Energy from $146.00 to $149.00 and gave the stock an "overweight" rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $149.42.

Chord Energy Stock Down 0.2%

CHRD traded down $0.23 during midday trading on Wednesday, reaching $106.19. 295,231 shares of the company were exchanged, compared to its average volume of 843,683. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.97. The company's fifty day moving average price is $105.88 and its 200 day moving average price is $101.04. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 26.98 and a beta of 0.97. Chord Energy Corporation has a one year low of $79.83 and a one year high of $140.15.

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

Chord Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Thursday, August 21st were issued a $1.30 dividend. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $5.20 annualized dividend and a dividend yield of 4.9%. Chord Energy's dividend payout ratio is currently 132.32%.

Insider Activity

In other news, EVP Shannon Browning Kinney sold 3,019 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 14,650 shares of the company's stock, valued at $1,544,549.50. This represents a 17.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.70% of the stock is currently owned by corporate insiders.

Chord Energy 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.