Nuveen LLC Acquires New Stake in Chord Energy Corporation $CHRD

Key Points

• Nuveen LLC has made a significant investment of approximately $36.84 million in Chord Energy Corporation, acquiring 326,797 shares during the first quarter.
• Chord Energy's recent quarterly earnings report showed an EPS of $1.79, missing analysts' expectations, while its revenue was $1.18 billion, exceeding forecasts.
• The company declared a quarterly dividend of $1.30 per share, reflecting a 5.1% yield and a payout ratio of 132.32%.

Nuveen LLC bought a new stake in Chord Energy Corporation (NASDAQ:CHRD - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 326,797 shares of the company's stock, valued at approximately $36,837,000. Nuveen LLC owned approximately 0.55% of Chord Energy as of its most recent SEC filing.

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

Analyst Ratings Changes

CHRD has been the subject of a number of research analyst reports. Citigroup increased 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. Wells Fargo & Company raised their target price on Chord Energy from $143.00 to $146.00 and gave the stock an "overweight" rating in a research report on Friday. Piper Sandler raised their target price on Chord Energy from $164.00 to $166.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Wall Street Zen downgraded Chord Energy from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Finally, UBS Group reissued a "buy" rating and issued a $120.00 target price (up from $113.00) on shares of Chord Energy in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $148.77.

Insider Buying and Selling at Chord Energy

In other news, EVP Shannon Browning Kinney sold 1,000 shares of Chord Energy stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $101.64, for a total value of $101,640.00. Following the completion of the transaction, the executive vice president directly owned 17,669 shares in the company, valued at approximately $1,795,877.16. The trade was a 5.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.70% of the company's stock.

Chord Energy Stock Performance

Shares of NASDAQ CHRD traded up $0.38 during mid-day trading on Tuesday, hitting $102.09. The company had a trading volume of 746,041 shares, compared to its average volume of 845,031. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of 25.98 and a beta of 0.97. Chord Energy Corporation has a 1 year low of $79.83 and a 1 year high of $154.75. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. The stock's 50-day moving average price is $104.44 and its 200-day moving average price is $101.83.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $1.79 earnings per share for the quarter, missing the consensus estimate of $1.88 by ($0.09). The company had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $984.07 million. Chord Energy had a net margin of 5.02% and a return on equity of 9.02%. Chord Energy's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $4.69 earnings per share. On average, sell-side analysts forecast that Chord Energy Corporation will post 15.59 earnings per share for the current year.

Chord Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Thursday, August 21st will be given a $1.30 dividend. The ex-dividend date is Thursday, August 21st. This represents a $5.20 annualized dividend and a dividend yield of 5.1%. Chord Energy's payout ratio is 132.32%.

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.