State of Alaska Department of Revenue Increases Position in Chord Energy Corporation $CHRD

Key Points

• The State of Alaska Department of Revenue increased its holdings in Chord Energy Corporation by 59.0% during the second quarter, owning approximately 0.05% of the company, valued at $2.95 million.
• Chord Energy's stock is currently down 1.8%, with a market capitalization of $5.69 billion and a P/E ratio of 25.28.
• The company recently declared a quarterly dividend of $1.30 per share, with a 5.2% yield, although its payout ratio is high at 132.32%.

State of Alaska Department of Revenue lifted its holdings in Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 59.0% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,478 shares of the company's stock after buying an additional 11,315 shares during the period. State of Alaska Department of Revenue owned approximately 0.05% of Chord Energy worth $2,951,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of CHRD. Hexagon Capital Partners LLC lifted its stake in Chord Energy by 321.7% in the first quarter. Hexagon Capital Partners LLC now owns 447 shares of the company's stock valued at $50,000 after purchasing an additional 341 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Chord Energy by 5,877.8% in the first quarter. Caitong International Asset Management Co. Ltd now owns 538 shares of the company's stock valued at $61,000 after purchasing an additional 529 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Chord Energy by 254.1% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 687 shares of the company's stock valued at $67,000 after purchasing an additional 493 shares during the last quarter. Fifth Third Bancorp lifted its stake in Chord Energy by 195.8% in the first quarter. Fifth Third Bancorp now owns 698 shares of the company's stock valued at $79,000 after purchasing an additional 462 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in Chord Energy by 184.0% in the first quarter. GAMMA Investing LLC now owns 727 shares of the company's stock valued at $82,000 after purchasing an additional 471 shares during the last quarter. Hedge funds and other institutional investors own 97.76% of the company's stock.

Chord Energy Stock Down 1.8%

Shares of NASDAQ:CHRD opened at $99.37 on Wednesday. The stock's 50-day moving average price is $105.12 and its 200-day moving average price is $100.93. Chord Energy Corporation has a 12-month low of $79.83 and a 12-month high of $139.26. The stock has a market capitalization of $5.69 billion, a P/E ratio of 25.28 and a beta of 0.97. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11.

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

Chord Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Thursday, August 21st were issued a $1.30 dividend. The ex-dividend date was Thursday, August 21st. This represents a $5.20 annualized dividend and a yield of 5.2%. Chord Energy's dividend payout ratio (DPR) is 132.32%.

Insider Activity

In other news, EVP Shannon Browning Kinney sold 3,019 shares of Chord Energy stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $105.43, for a total transaction of $318,293.17. Following the completion of the transaction, the executive vice president directly owned 14,650 shares in the company, valued at approximately $1,544,549.50. This trade represents a 17.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.70% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Wells Fargo & Company increased their target price on Chord Energy from $146.00 to $149.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 17th. Piper Sandler increased their target price on Chord Energy from $166.00 to $169.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 16th. UBS Group increased their target price on Chord Energy from $122.00 to $130.00 and gave the stock a "buy" rating in a research report on Tuesday, September 16th. Bank of America increased their target price on Chord Energy from $112.00 to $123.00 and gave the stock a "buy" rating in a research report on Wednesday, September 17th. Finally, Citigroup increased their target price on Chord Energy from $120.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Chord Energy has a consensus rating of "Moderate Buy" and an average target price of $147.15.

About Chord Energy

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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