Magnetar Financial LLC Lowers Stock Holdings in Chord Energy Corporation $CHRD

Key Points

• Magnetar Financial LLC reduced its stake in Chord Energy by 17.2%, selling 10,033 shares and finishing the quarter with 48,377 shares worth about $4.81 million.
• Chord announced a quarterly dividend of $1.30 (annualized $5.20) for a 4.2% yield825.4%, raising questions about sustainability.
• The company beat the quarter with EPS of $1.28 vs. $1.17 expected and revenue of $1.17B vs. $1.03B expected, though revenue fell ~19.6% year‑over‑year and EPS is well below last year’s $3.49.

Magnetar Financial LLC reduced its position in Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 17.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,377 shares of the company's stock after selling 10,033 shares during the quarter. Magnetar Financial LLC owned about 0.09% of Chord Energy worth $4,807,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. lifted its stake in Chord Energy by 5.4% in the 3rd quarter. Victory Capital Management Inc. now owns 3,166,564 shares of the company's stock worth $314,661,000 after purchasing an additional 163,125 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Chord Energy by 1.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,890,420 shares of the company's stock valued at $183,112,000 after purchasing an additional 19,227 shares in the last quarter. American Century Companies Inc. grew its position in shares of Chord Energy by 15.5% during the 2nd quarter. American Century Companies Inc. now owns 1,337,079 shares of the company's stock valued at $129,496,000 after purchasing an additional 179,209 shares in the last quarter. Sourcerock Group LLC increased its holdings in shares of Chord Energy by 2.1% in the second quarter. Sourcerock Group LLC now owns 1,031,973 shares of the company's stock worth $99,947,000 after purchasing an additional 20,916 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its holdings in shares of Chord Energy by 22.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 990,381 shares of the company's stock worth $95,918,000 after purchasing an additional 180,000 shares during the period. Hedge funds and other institutional investors own 97.76% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Mizuho set a $148.00 price objective on Chord Energy in a research note on Friday, January 9th. Piper Sandler raised their price target on Chord Energy from $151.00 to $158.00 and gave the company an "overweight" rating in a report on Thursday, March 5th. Morgan Stanley dropped their price target on Chord Energy from $123.00 to $114.00 and set an "equal weight" rating for the company in a research report on Friday, January 23rd. Jefferies Financial Group set a $99.00 price objective on Chord Energy in a report on Saturday, January 17th. Finally, Royal Bank Of Canada decreased their price objective on shares of Chord Energy from $135.00 to $128.00 and set an "outperform" rating on the stock in a research report on Tuesday, January 13th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $125.91.

Insiders Place Their Bets

In other news, CAO Lara J. Kroll sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $113.66, for a total value of $568,300.00. Following the completion of the sale, the chief accounting officer directly owned 8,921 shares in the company, valued at approximately $1,013,960.86. The trade was a 35.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Shannon Browning Kinney sold 1,801 shares of the company'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 completion of the sale, the executive vice president directly owned 20,188 shares of the company's stock, valued at $2,308,699.68. This trade represents a 8.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 8,927 shares of company stock valued at $1,029,978 over the last quarter. 0.70% of the stock is owned by corporate insiders.

Chord Energy Stock Up 4.8%

CHRD opened at $124.80 on Thursday. The business's fifty day simple moving average is $101.22 and its 200 day simple moving average is $97.97. Chord Energy Corporation has a 52 week low of $79.83 and a 52 week high of $127.56. The company has a quick ratio of 0.98, a current ratio of 1.06 and a debt-to-equity ratio of 0.18. The stock has a market cap of $7.09 billion, a PE ratio of 198.10 and a beta of 0.84.

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

Chord Energy Dividend Announcement

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

Chord Energy 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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