Massachusetts Financial Services Co. MA Has $81.70 Million Stake in Chord Energy Corporation $CHRD

Key Points

• Massachusetts Financial Services trimmed its stake in Chord by 4.2%, now holding 881,367 shares worth $81.7 million (about 1.55% of the company).
• Chord beat quarterly estimates with EPS of $1.28 (vs. $1.17) and revenue of $1.17B (vs. $1.03B), but revenue fell 19.6% year-over-year and the stock trades at a high P/E of 213.9 with a market cap of $7.64B.
• The company declared a quarterly dividend of $1.30 (annualized $5.20, ~3.9% yield) despite a very high payout ratio of 825.4%, while insiders have recently sold shares and analysts' consensus is a "Moderate Buy" with an average target of $146.58.

Massachusetts Financial Services Co. MA cut its stake in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 4.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 881,367 shares of the company's stock after selling 38,769 shares during the period. Massachusetts Financial Services Co. MA owned 1.55% of Chord Energy worth $81,703,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. First Citizens Bank & Trust Co. lifted its position in Chord Energy by 2.3% during the third quarter. First Citizens Bank & Trust Co. now owns 5,306 shares of the company's stock worth $527,000 after acquiring an additional 120 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Chord Energy by 18.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 822 shares of the company's stock worth $82,000 after purchasing an additional 130 shares during the period. WealthCollab LLC increased its holdings in shares of Chord Energy by 90.6% during the second quarter. WealthCollab LLC now owns 305 shares of the company's stock worth $30,000 after purchasing an additional 145 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Chord Energy by 3.8% during the third quarter. PNC Financial Services Group Inc. now owns 4,325 shares of the company's stock worth $430,000 after purchasing an additional 157 shares during the period. Finally, Jones Financial Companies Lllp increased its holdings in shares of Chord Energy by 15.5% during the third quarter. Jones Financial Companies Lllp now owns 1,245 shares of the company's stock worth $130,000 after purchasing an additional 167 shares during the period. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Chord Energy Trading Up 0.4%

Shares of NASDAQ CHRD opened at $134.76 on Tuesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 1.06. Chord Energy Corporation has a 52-week low of $84.25 and a 52-week high of $148.41. The firm has a 50 day moving average price of $120.38 and a two-hundred day moving average price of $102.83. The stock has a market cap of $7.64 billion, a P/E ratio of 213.90 and a beta of 0.66.

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

Chord Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Thursday, March 12th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 3.9%. The ex-dividend date was Thursday, March 12th. Chord Energy's dividend payout ratio is 825.40%.

Insider Buying and Selling at Chord Energy

In other news, EVP Michael H. Lou sold 15,000 shares of the company's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $125.47, for a total value of $1,882,050.00. Following the sale, the executive vice president directly owned 82,699 shares of the company's stock, valued at approximately $10,376,243.53. This represents a 15.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Lara J. Kroll sold 5,000 shares of the company's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $113.66, for a total transaction 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. This represents a 35.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 23,927 shares of company stock valued at $2,912,028. Insiders own 0.79% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Zacks Research raised shares of Chord Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, April 6th. Scotiabank raised shares of Chord Energy to a "hold" rating in a report on Friday, March 27th. Weiss Ratings raised shares of Chord Energy from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, March 17th. UBS Group raised their target price on shares of Chord Energy from $119.00 to $142.00 and gave the stock a "buy" rating in a report on Thursday, March 5th. Finally, Mizuho set a $148.00 target price on shares of Chord Energy in a report on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $146.58.

About Chord Energy

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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