Sterling Capital Management LLC Buys 24,763 Shares of Chord Energy Corporation $CHRD

Key Points

• Sterling Capital Management LLC more than doubled its stake in Chord Energy in the first quarter, buying 24,763 additional shares and bringing its total to 46,112 shares valued at about $6.56 million.
• Chord Energy beat Wall Street expectations in its latest quarterly results, reporting $4.56 EPS versus an expected $3.51 and revenue of $1.67 billion, up 37.1% year over year.
• The company paid a quarterly dividend of $1.30 per share, implying an annualized yield of about 4.5%, while analysts currently rate the stock a Moderate Buy with an average target price of $157.54.

Sterling Capital Management LLC increased its stake in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 116.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,112 shares of the company's stock after purchasing an additional 24,763 shares during the quarter. Sterling Capital Management LLC owned approximately 0.08% of Chord Energy worth $6,556,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. WealthCollab LLC grew its stake in shares of Chord Energy by 90.6% during the second quarter. WealthCollab LLC now owns 305 shares of the company's stock worth $30,000 after buying an additional 145 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of Chord Energy by 213.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 501 shares of the company's stock valued at $47,000 after acquiring an additional 341 shares in the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of Chord Energy by 360.3% during the 4th quarter. TD Private Client Wealth LLC now owns 580 shares of the company's stock valued at $54,000 after acquiring an additional 454 shares in the last quarter. Triumph Capital Management bought a new stake in Chord Energy during the 3rd quarter worth $56,000. Finally, Sankala Group LLC bought a new stake in Chord Energy during the 4th quarter worth $57,000. Institutional investors own 97.76% of the company's stock.

Chord Energy Stock Performance

NASDAQ:CHRD opened at $116.33 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.96 and a current ratio of 1.02. Chord Energy Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $151.95. The company has a 50 day simple moving average of $135.76 and a two-hundred day simple moving average of $118.28. The company has a market capitalization of $6.55 billion, a PE ratio of -102.95 and a beta of 0.48.

Chord Energy (NASDAQ:CHRD - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.51 by $1.05. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the previous year, the company earned $4.04 EPS. The company's revenue for the quarter was up 37.1% on a year-over-year basis. Research analysts anticipate that Chord Energy Corporation will post 20.53 earnings per share for the current year.

Chord Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Wednesday, May 20th were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date was Wednesday, May 20th. Chord Energy's dividend payout ratio (DPR) is presently -460.18%.

Insider Activity

In other news, Director Douglas E. Brooks sold 3,500 shares of the business's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $136.71, for a total value of $478,485.00. Following the transaction, the director directly owned 20,205 shares of the company's stock, valued at $2,762,225.55. The trade was a 14.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Darrin J. Henke sold 1,276 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $145.97, for a total value of $186,257.72. Following the sale, the chief operating officer directly owned 21,157 shares of the company's stock, valued at $3,088,287.29. This represents a 5.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 9,276 shares of company stock valued at $1,285,968. Corporate insiders own 0.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CHRD shares. UBS Group lifted their price target on Chord Energy from $176.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Wall Street Zen downgraded Chord Energy from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Citigroup raised their price objective on shares of Chord Energy from $120.00 to $155.00 and gave the company a "neutral" rating in a report on Tuesday, March 31st. Roth Mkm reissued a "buy" rating and set a $140.00 target price (up from $130.00) on shares of Chord Energy in a report on Friday, April 17th. Finally, Williams Trading set a $189.00 price target on shares of Chord Energy in a research report on Monday, April 20th. Ten analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $157.54.

Chord Energy Company Profile

Chord Energy Corporation NASDAQ: CHRD, formerly known as Oasis Petroleum Inc, is an independent exploration and production company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Headquartered in Houston, Texas, Chord Energy emerged from financial restructuring in early 2021 and rebranded in October 2022 to reflect its renewed strategic vision.

The company’s core operations are concentrated in two prolific U.S. resource plays: the Williston Basin across North Dakota and Montana, and the Delaware Basin spanning parts of West Texas and southeastern New Mexico.

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