King Luther Capital Management Corp Invests $1.84 Million in Chord Energy Corporation (NASDAQ:CHRD)

Key Points

• King Luther Capital Management Corp invested approximately $1.84 million in shares of Chord Energy Corporation, acquiring 16,289 shares during the first quarter.
• Chord Energy has declared a quarterly dividend of $1.30 per share, translating to an annualized amount of $5.20, with a dividend yield of 5.2% and a payout ratio of 132.32%.
• Analysts have given Chord Energy a consensus rating of "Moderate Buy" with a target price of $151.54, reflecting a positive sentiment despite recent earnings reports showing a miss in EPS expectations.

King Luther Capital Management Corp bought a new stake in Chord Energy Corporation (NASDAQ:CHRD - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 16,289 shares of the company's stock, valued at approximately $1,836,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CHRD. Adage Capital Partners GP L.L.C. grew its position in Chord Energy by 19.0% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 855,381 shares of the company's stock worth $100,011,000 after purchasing an additional 136,751 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Chord Energy by 6.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 791,958 shares of the company's stock worth $89,198,000 after purchasing an additional 47,649 shares during the last quarter. Woodline Partners LP grew its position in Chord Energy by 16.4% in the 4th quarter. Woodline Partners LP now owns 748,966 shares of the company's stock worth $87,569,000 after purchasing an additional 105,448 shares during the last quarter. Bank of New York Mellon Corp grew its position in Chord Energy by 7.8% in the 1st quarter. Bank of New York Mellon Corp now owns 742,327 shares of the company's stock worth $83,675,000 after purchasing an additional 53,927 shares during the last quarter. Finally, Palo Duro Investment Partners LP grew its position in Chord Energy by 13.6% in the 4th quarter. Palo Duro Investment Partners LP now owns 668,750 shares of the company's stock worth $78,190,000 after purchasing an additional 80,063 shares during the last quarter. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Chord Energy Stock Performance

NASDAQ:CHRD traded down $0.70 during mid-day trading on Friday, reaching $102.11. 911,170 shares of the company's stock were exchanged, compared to its average volume of 752,553. Chord Energy Corporation has a one year low of $79.83 and a one year high of $155.88. The firm has a market capitalization of $5.85 billion, a PE ratio of 25.98 and a beta of 0.97. The business's fifty day simple moving average is $104.35 and its two-hundred day simple moving average is $102.10. 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 issued its quarterly earnings data 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). The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $984.07 million. Chord Energy had a net margin of 5.02% and a return on equity of 9.02%. The firm's quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the business earned $4.69 EPS. Analysts anticipate that Chord Energy Corporation will post 15.59 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Thursday, August 21st will be issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date of this dividend is Thursday, August 21st. Chord Energy's payout ratio is currently 132.32%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CHRD. Citigroup lifted their price target on shares of Chord Energy from $120.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Piper Sandler reissued an "overweight" rating and issued a $166.00 price target (up previously from $164.00) on shares of Chord Energy in a report on Thursday. Bank of America lowered their price target 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 dropped their price target on shares of Chord Energy from $154.00 to $150.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Finally, UBS Group reissued a "buy" rating and set a $120.00 price target (up from $113.00) on shares of Chord Energy in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Chord Energy has a consensus rating of "Moderate Buy" and a consensus target price of $148.77.

Insider Transactions at Chord Energy

In other Chord Energy news, EVP Shannon Browning Kinney sold 1,000 shares of Chord Energy stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $101.64, for a total transaction of $101,640.00. Following the transaction, the executive vice president directly owned 17,669 shares of the company's stock, valued at $1,795,877.16. The trade was a 5.36% decrease in their position. 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 owned by corporate 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.