Invenomic Capital Management LP Sells 16,365 Shares of Chord Energy Corporation $CHRD

Key Points

• Invenomic Capital Management trimmed its position in Chord Energy by 7.7%, selling 16,365 shares in the quarter and now owning 197,300 shares (about 0.35% of the company) valued at roughly $19.6 million.
• Chord announced a quarterly dividend of $1.30 (annualized $5.20) for a ~4.2% yield, but the company’s reported payout ratio is an extremely high 825.4%, raising questions about sustainability.
• Chord beat Q4 EPS estimates ($1.28 vs. $1.17) while revenue fell 19.6% year-over-year; the stock trades at a high P/E (~196) and carries a consensus analyst rating of "Moderate Buy" with a target of $128.82.

Invenomic Capital Management LP trimmed its position in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 7.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 197,300 shares of the company's stock after selling 16,365 shares during the period. Invenomic Capital Management LP owned 0.35% of Chord Energy worth $19,606,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. WealthCollab LLC increased its stake in Chord Energy by 90.6% in the 2nd quarter. WealthCollab LLC now owns 305 shares of the company's stock worth $30,000 after buying an additional 145 shares in the last quarter. Quent Capital LLC bought a new position in shares of Chord Energy in the third quarter worth about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Chord Energy by 91.2% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 411 shares of the company's stock worth $40,000 after purchasing an additional 196 shares in the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Chord Energy during the third quarter worth about $46,000. Finally, Allworth Financial LP raised its stake in Chord Energy by 160.5% during the 2nd quarter. Allworth Financial LP now owns 659 shares of the company's stock valued at $64,000 after purchasing an additional 406 shares during the period. Hedge funds and other institutional investors own 97.76% of the company's stock.

Chord Energy Stock Up 0.4%

Shares of NASDAQ CHRD opened at $123.45 on Monday. The company has a current ratio of 1.06, a quick ratio of 0.98 and a debt-to-equity ratio of 0.18. Chord Energy Corporation has a 12-month low of $79.83 and a 12-month high of $127.56. The firm's 50-day moving average price is $102.40 and its 200-day moving average price is $98.14. The stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of 195.95 and a beta of 0.84.

Chord Energy (NASDAQ:CHRD - Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.17 by $0.11. Chord Energy had a return on equity of 6.71% and a net margin of 0.91%.The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the business posted $3.49 earnings per share. The firm's revenue was down 19.6% on a year-over-year basis. On average, equities research analysts anticipate that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Thursday, March 12th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Thursday, March 12th. This represents a $5.20 annualized dividend and a dividend yield of 4.2%. Chord Energy's payout ratio is currently 825.40%.

Insider Activity

In other Chord Energy news, EVP Shannon Browning Kinney sold 1,801 shares of the business's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total transaction of $205,962.36. Following the transaction, the executive vice president owned 20,188 shares in the company, valued at $2,308,699.68. The trade was a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Douglas E. Brooks sold 2,126 shares of the stock in a transaction on Friday, March 6th. The shares were sold at an average price of $120.28, for a total transaction of $255,715.28. Following the completion of the sale, the director directly owned 25,181 shares in the company, valued at approximately $3,028,770.68. This represents a 7.79% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 8,927 shares of company stock valued at $1,029,978. 0.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CHRD. Wells Fargo & Company dropped their price target on Chord Energy from $113.00 to $109.00 and set an "overweight" rating for the company in a research note on Tuesday, January 27th. William Blair began coverage on shares of Chord Energy in a report on Friday, November 21st. They issued an "outperform" rating on the stock. Royal Bank Of Canada dropped their target price on shares of Chord Energy from $135.00 to $128.00 and set an "outperform" rating for the company in a research report on Tuesday, January 13th. Zacks Research upgraded shares of Chord Energy from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. Finally, Pickering Energy Partners downgraded shares of Chord Energy from an "outperform" rating to a "neutral" rating in a report on Friday, January 9th. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $128.82.

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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