Private Advisor Group LLC Sells 3,042 Shares of Chord Energy Corporation (NASDAQ:CHRD)

Key Points

• Private Advisor Group LLC has reduced its stake in Chord Energy Corporation by 61.3%, selling 3,042 shares, resulting in a total of 1,920 shares valued at approximately $216,000.
• Chord Energy recently reported earnings per share (EPS) of $4.04, surpassing estimates, with a revenue increase of 12% year-over-year to $1.22 billion.
• The company declared a quarterly dividend of $1.30 per share, yielding 4.9%, with a payout ratio of 34.78% and over 97% of the stock owned by institutional investors.

Private Advisor Group LLC lowered its position in Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 61.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,920 shares of the company's stock after selling 3,042 shares during the period. Private Advisor Group LLC's holdings in Chord Energy were worth $216,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of CHRD. FMR LLC grew its holdings in Chord Energy by 11.5% during the 4th quarter. FMR LLC now owns 3,814,384 shares of the company's stock worth $445,978,000 after acquiring an additional 394,372 shares during the period. Encompass Capital Advisors LLC bought a new stake in shares of Chord Energy during the 4th quarter valued at about $43,745,000. Squarepoint Ops LLC boosted its position in shares of Chord Energy by 365.5% during the 4th quarter. Squarepoint Ops LLC now owns 337,284 shares of the company's stock valued at $39,435,000 after purchasing an additional 264,828 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Chord Energy during the fourth quarter worth approximately $29,984,000. Finally, Sourcerock Group LLC increased its holdings in Chord Energy by 214.9% in the fourth quarter. Sourcerock Group LLC now owns 314,870 shares of the company's stock worth $36,815,000 after purchasing an additional 214,870 shares in the last quarter. 97.76% of the stock is owned by institutional investors.

Chord Energy Stock Performance

NASDAQ CHRD opened at $105.86 on Friday. The company has a fifty day simple moving average of $102.27 and a 200 day simple moving average of $103.33. Chord Energy Corporation has a 12-month low of $79.83 and a 12-month high of $165.59. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.09. The company has a market cap of $6.11 billion, a P/E ratio of 7.08 and a beta of 0.97.

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

Chord Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Wednesday, May 21st were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Wednesday, May 21st. Chord Energy's payout ratio is currently 34.78%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CHRD shares. Bank of America cut their price target on Chord Energy from $114.00 to $112.00 and set a "buy" rating on the stock in a report on Friday, May 23rd. Wells Fargo & Company increased their target price on shares of Chord Energy from $142.00 to $143.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Wall Street Zen cut shares of Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Mizuho dropped their price objective on shares of Chord Energy from $154.00 to $150.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Finally, Piper Sandler upped their price objective on shares of Chord Energy from $159.00 to $164.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $151.54.

Insider Transactions at Chord Energy

In other Chord Energy news, EVP Shannon Browning Kinney sold 3,091 shares of Chord Energy stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $94.10, for a total transaction 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. The trade was a 12.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is owned by corporate insiders.

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.

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