RWC Asset Management LLP Purchases 40,583 Shares of Chord Energy Corporation $CHRD

Key Points

• RWC Asset Management increased its Chord Energy stake by 34.5% in the third quarter, purchasing 40,583 additional shares and bringing its holdings to 158,116 shares valued at approximately $21.2 million.
• Chord Energy shares rose 5.1% to $158.13, near their 52-week high. Analysts maintain a “Moderate Buy” consensus with an average price target of $174.54.
• The company reported $6.44 in quarterly EPS, slightly below estimates, while revenue surged 128.6% year over year to $2.17 billion. Chord also pays a $1.30 quarterly dividend, or $5.20 annually, yielding about 3.3%.

RWC Asset Management LLP grew its position in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 34.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 158,116 shares of the company's stock after acquiring an additional 40,583 shares during the quarter. RWC Asset Management LLP owned about 0.29% of Chord Energy worth $21,199,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Inspire Investing LLC purchased a new stake in shares of Chord Energy during the 3rd quarter worth about $405,000. Root Financial Partners LLC acquired a new stake in Chord Energy during the 3rd quarter worth approximately $56,000. Crossmark Global Holdings Inc. raised its holdings in Chord Energy by 15.1% in the third quarter. Crossmark Global Holdings Inc. now owns 13,745 shares of the company's stock valued at $1,843,000 after buying an additional 1,801 shares during the period. Wavvest Wealth LLC purchased a new position in Chord Energy in the third quarter valued at approximately $507,000. Finally, Sowell Financial Services LLC purchased a new position in Chord Energy in the third quarter valued at approximately $208,000. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Chord Energy Stock Up 5.1%

Chord Energy stock traded up $7.65 during midday trading on Friday, hitting $158.13. 793,622 shares of the company were exchanged, compared to its average volume of 689,691. The company's fifty day moving average price is $145.07 and its 200-day moving average price is $137.13. The company has a market cap of $8.65 billion, a PE ratio of 10.60 and a beta of 0.59. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15. Chord Energy Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $159.05.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $6.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.55 by ($0.11). The firm had revenue of $2.17 billion during the quarter, compared to analyst estimates of $1.62 billion. Chord Energy had a net margin of 13.42% and a return on equity of 10.18%. The firm's revenue was up 128.6% compared to the same quarter last year. During the same period last year, the business earned $1.79 EPS. On average, research analysts predict that Chord Energy Corporation will post 22.34 EPS for the current fiscal year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Thursday, August 20th were paid a $1.30 dividend. The ex-dividend date was Thursday, August 20th. This represents a $5.20 annualized dividend and a dividend yield of 3.3%. Chord Energy's dividend payout ratio is 34.85%.

Insider Activity

In related news, EVP Shannon Kinney sold 4,019 shares of Chord Energy stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total transaction of $562,660.00. Following the sale, the executive vice president owned 13,560 shares of the company's stock, valued at $1,898,400. The trade was a 22.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Douglas Brooks sold 8,000 shares of the business's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the completion of the transaction, the director owned 10,705 shares in the company, valued at $1,425,263.70. This represents a 42.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 23,969 shares of company stock worth $3,389,599. 0.79% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group increased their price objective on shares of Chord Energy from $133.00 to $150.00 and gave the stock a "hold" rating in a research report on Friday, September 18th. Mizuho lifted their target price on shares of Chord Energy from $175.00 to $179.00 and gave the company an "outperform" rating in a report on Monday, October 5th. Stifel Nicolaus started coverage on shares of Chord Energy in a research report on Thursday, September 10th. They set a "buy" rating and a $182.00 price target for the company. Weiss Ratings raised shares of Chord Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Finally, Scotiabank started coverage on Chord Energy in a report on Wednesday, October 14th. They issued a "sector outperform" rating and a $192.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $174.54.

Chord Energy Company Profile

Chord Energy Corporation is an independent exploration and production company focused on the development and operation of oil and natural gas properties in the United States. Its portfolio is concentrated in the Williston Basin, which spans parts of North Dakota and Montana. The company's production mix includes crude oil, natural gas and natural gas liquids.

Chord's operations include acquiring, developing and producing hydrocarbons from operated and non-operated wells, with an emphasis on drilling and completion activities in the Bakken and Three Forks formations.

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