Tidal Investments LLC Purchases 22,368 Shares of Chord Energy Corporation $CHRD

Key Points

• Tidal Investments increased its Chord Energy stake by 299.2% in the second quarter, purchasing 22,368 additional shares and bringing its total holdings to 29,843 shares. Institutional investors collectively own 97.76% of the company.
• Chord Energy reported quarterly revenue of $2.17 billion, up 128.6% year over year, though adjusted earnings of $6.44 per share narrowly missed analysts’ $6.55 estimate.
• The company maintains a quarterly dividend of $1.30 per share, equivalent to $5.20 annually and a 3.4% yield. Analysts have a consensus “Moderate Buy” rating with an average price target of $156.79.

Tidal Investments LLC raised its position in Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 299.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,843 shares of the company's stock after purchasing an additional 22,368 shares during the quarter. Tidal Investments LLC owned 0.05% of Chord Energy worth $3,411,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Engineers Gate Manager LP acquired a new position in shares of Chord Energy during the second quarter worth about $8,004,000. Allworth Financial LP raised its position in Chord Energy by 16.6% in the 2nd quarter. Allworth Financial LP now owns 1,189 shares of the company's stock valued at $136,000 after buying an additional 169 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Chord Energy in the 2nd quarter valued at approximately $423,000. California State Teachers Retirement System raised its position in Chord Energy by 11,278.5% in the 2nd quarter. California State Teachers Retirement System now owns 7,608,151 shares of the company's stock valued at $869,612,000 after buying an additional 7,541,287 shares during the last quarter. Finally, HB Wealth Management LLC lifted its stake in Chord Energy by 21.4% in the 2nd quarter. HB Wealth Management LLC now owns 2,942 shares of the company's stock valued at $336,000 after acquiring an additional 518 shares in the last quarter. 97.76% of the stock is currently owned by institutional investors.

Insider Transactions at Chord Energy

In other news, Director Samantha Mckinney sold 9,750 shares of the company's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $149.94, for a total value of $1,461,915.00. Following the transaction, the director owned 7,280 shares of the company's stock, valued at approximately $1,091,563.20. This represents a 57.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas Brooks sold 8,000 shares of the company's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $133.14, for a total value of $1,065,120.00. Following the completion of the transaction, the director directly owned 10,705 shares in the company, valued at $1,425,263.70. The trade was a 42.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 23,969 shares of company stock worth $3,389,599 over the last quarter. Company insiders own 0.79% of the company's stock.

Chord Energy Price Performance

NASDAQ:CHRD opened at $151.22 on Tuesday. The company has a market cap of $8.27 billion, a P/E ratio of 10.14 and a beta of 0.50. The firm's fifty day moving average price is $137.88 and its two-hundred day moving average price is $133.86. Chord Energy Corporation has a one year low of $84.25 and a one year high of $156.32. 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 (NASDAQ:CHRD - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.55 by ($0.11). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter in the prior year, the business posted $1.79 EPS. The business's quarterly revenue was up 128.6% compared to the same quarter last year. Equities analysts expect that Chord Energy Corporation will post 19.33 earnings per share for the current year.

Chord Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Thursday, August 20th were given a dividend of $1.30 per share. The ex-dividend date was Thursday, August 20th. This represents a $5.20 annualized dividend and a yield of 3.4%. Chord Energy's dividend payout ratio (DPR) is 34.85%.

Analyst Ratings Changes

A number of equities analysts have weighed in on CHRD shares. Zacks Research raised Chord Energy from a "strong sell" rating to a "hold" rating in a research report on Wednesday, September 9th. Truist Financial lowered their price objective on shares of Chord Energy from $170.00 to $166.00 and set a "buy" rating on the stock in a report on Monday, August 10th. Roth Capital restated a "buy" rating and set a $145.00 target price on shares of Chord Energy in a report on Wednesday, July 15th. Citigroup decreased their target price on shares of Chord Energy from $155.00 to $130.00 and set a "neutral" rating for the company in a research report on Friday, July 10th. Finally, Morgan Stanley lowered their price target on shares of Chord Energy from $175.00 to $169.00 and set an "overweight" rating on the stock in a research note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $156.79.

Chord Energy Company Profile

Chord Energy Corporation NASDAQ: CHRD is an independent exploration and production company focused on developing and producing oil, natural gas and natural gas liquids. Its operations are concentrated in the Williston Basin, primarily across the Bakken and Three Forks formations in North Dakota and Montana.

The company's activities include acquiring acreage, drilling and completing wells, and managing the production and sale of hydrocarbons. Chord's portfolio is weighted toward crude oil, with associated natural gas and natural gas liquids contributing to its production mix.

Chord Energy was formed through the 2022 combination of Oasis Petroleum and Whiting Petroleum, two companies with established operations in the Williston Basin.

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