Chord Energy Corporation (NASDAQ:CHRD) Position Reduced by M&T Bank Corp

M&T Bank Corp lowered its position in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 68.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,726 shares of the company's stock after selling 5,864 shares during the quarter. M&T Bank Corp's holdings in Chord Energy were worth $308,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of CHRD. Altshuler Shaham Ltd bought a new position in Chord Energy in the fourth quarter valued at about $25,000. Twin Tree Management LP bought a new stake in shares of Chord Energy during the fourth quarter worth about $33,000. Hexagon Capital Partners LLC lifted its stake in shares of Chord Energy by 321.7% in the first quarter. Hexagon Capital Partners LLC now owns 447 shares of the company's stock worth $50,000 after acquiring an additional 341 shares during the period. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Chord Energy in the fourth quarter worth approximately $80,000. Finally, Fifth Third Bancorp lifted its stake in shares of Chord Energy by 195.8% in the first quarter. Fifth Third Bancorp now owns 698 shares of the company's stock worth $79,000 after acquiring an additional 462 shares during the period. Institutional investors and hedge funds own 97.76% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CHRD. Wells Fargo & Company increased their price objective on Chord Energy from $142.00 to $143.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Wall Street Zen lowered Chord Energy from a "hold" rating to a "sell" rating in a research report on Friday. Citigroup lifted their price target on Chord Energy from $120.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Morgan Stanley set a $139.00 target price on Chord Energy and gave the stock a "cautious" rating in a report on Wednesday, March 26th. Finally, Royal Bank Of Canada decreased their price target on Chord Energy from $165.00 to $145.00 and set an "outperform" rating for the company in a research note on Friday, April 11th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $151.54.

Insider Activity

In other Chord Energy news, EVP Shannon Browning Kinney sold 3,091 shares of the firm's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $94.10, for a total value of $290,863.10. Following the transaction, the executive vice president directly owned 21,277 shares of the company's stock, valued at $2,002,165.70. This trade represents a 12.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.70% of the stock is owned by company insiders.

Chord Energy Stock Performance

Shares of NASDAQ CHRD traded down $0.89 during trading hours on Monday, reaching $105.51. The stock had a trading volume of 499,066 shares, compared to its average volume of 854,291. The firm has a market cap of $6.09 billion, a price-to-earnings ratio of 7.06 and a beta of 0.96. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.09. Chord Energy Corporation has a fifty-two week low of $79.83 and a fifty-two week high of $175.55. The firm has a 50-day moving average of $99.30 and a 200-day moving average of $104.18.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $4.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.60 by $0.44. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.07 billion. Chord Energy had a return on equity of 10.34% and a net margin of 16.15%. The company's revenue for the quarter was up 12.0% on a year-over-year basis. During the same period in the prior year, the business posted $5.10 EPS. Equities research analysts predict that Chord Energy Corporation will post 15.59 earnings per share for the current year.

Chord Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Wednesday, May 21st were issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.93%. The ex-dividend date of this dividend was Wednesday, May 21st. Chord Energy's dividend payout ratio (DPR) is 34.78%.

Chord Energy 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.