Miller Howard Investments Inc. NY Purchases 15,706 Shares of Chord Energy Corporation $CHRD

Key Points

• Miller Howard Investments Inc. NY boosted its stake in Chord Energy by 134.9%, purchasing 15,706 shares to hold 27,353 shares worth about $2.54 million at quarter end.
• Analyst sentiment has improved: Piper Sandler raised its price target to $190 (overweight) and the street consensus is a Moderate Buy with an average target near $147.42.
• Chord declared a quarterly dividend of $1.30 (annualized $5.20) for a 4.2% yield, but the dividend payout ratio is an unusually high 825.4%.

Miller Howard Investments Inc. NY grew its position in Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 134.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,353 shares of the company's stock after purchasing an additional 15,706 shares during the quarter. Miller Howard Investments Inc. NY's holdings in Chord Energy were worth $2,536,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. WealthCollab LLC boosted its position in shares of Chord Energy by 90.6% in 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. Quent Capital LLC bought a new position in shares of Chord Energy in the third quarter worth approximately $32,000. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Chord Energy in the third quarter worth approximately $46,000. Triumph Capital Management bought a new position in shares of Chord Energy in the third quarter worth approximately $56,000. Finally, Farther Finance Advisors LLC boosted its position in shares of Chord Energy by 111.1% in the fourth quarter. Farther Finance Advisors LLC now owns 644 shares of the company's stock worth $60,000 after purchasing an additional 339 shares during the period. 97.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CHRD has been the subject of a number of recent analyst reports. Piper Sandler upped their price target on shares of Chord Energy from $158.00 to $190.00 and gave the stock an "overweight" rating in a research report on Thursday, March 12th. Royal Bank Of Canada dropped their price target 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. Citigroup upped their price target on shares of Chord Energy from $120.00 to $155.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 31st. Zacks Research upgraded shares of Chord Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 6th. Finally, Wall Street Zen upgraded shares of Chord Energy from a "sell" rating to a "hold" rating in a research report on Saturday, March 28th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $147.42.

Chord Energy Price Performance

Shares of NASDAQ:CHRD opened at $123.58 on Monday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 1.06. The firm has a fifty day moving average price of $122.71 and a 200 day moving average price of $103.61. Chord Energy Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $148.41. The firm has a market cap of $7.01 billion, a price-to-earnings ratio of 196.16 and a beta of 0.66.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its earnings results on Wednesday, February 25th. The company reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $1.03 billion. During the same quarter in the prior year, the business earned $3.49 earnings per share. Chord Energy's revenue for the quarter was down 19.6% on a year-over-year basis. As a group, sell-side analysts expect that Chord Energy Corporation will post 15.59 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

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

Insider Activity at Chord Energy

In related news, 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 transaction, the chief accounting officer 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 stock was 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 of the company's stock, valued at approximately $2,308,699.68. This represents a 8.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 23,927 shares of company stock worth $2,912,028 in the last three months. Insiders own 0.79% of the company's stock.

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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