Chord Energy Corporation (NASDAQ:CHRD) Shares Sold by Vestcor Inc

Key Points

• Vestcor Inc has significantly reduced its holdings in Chord Energy Corporation by **75.2%**, leaving it with **9,539 shares** valued at approximately **$1.08 million**.
• Chord Energy reported a **$4.04 earnings per share** for its latest quarter, surpassing the analysts' expectations of **$3.60**, with a **12%** year-over-year revenue increase.
• Despite a recent stock price drop of **4.1%**, brokerages maintain a generally positive outlook with many analysts rating the stock as a **"Moderate Buy"** and a consensus target price of approximately **$151.54**.

Vestcor Inc lessened its holdings in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 75.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,539 shares of the company's stock after selling 28,911 shares during the quarter. Vestcor Inc's holdings in Chord Energy were worth $1,075,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in Chord Energy by 3.3% during the 4th quarter. JPMorgan Chase & Co. now owns 263,288 shares of the company's stock valued at $30,784,000 after acquiring an additional 8,455 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Chord Energy by 6.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 791,958 shares of the company's stock valued at $89,198,000 after acquiring an additional 47,649 shares during the period. Aurora Investment Counsel purchased a new position in Chord Energy during the 1st quarter valued at $1,940,000. New York State Teachers Retirement System boosted its holdings in Chord Energy by 8.4% during the 1st quarter. New York State Teachers Retirement System now owns 29,190 shares of the company's stock valued at $3,290,000 after acquiring an additional 2,263 shares during the period. Finally, Perigon Wealth Management LLC boosted its holdings in Chord Energy by 56.9% during the 1st quarter. Perigon Wealth Management LLC now owns 35,642 shares of the company's stock valued at $4,018,000 after acquiring an additional 12,925 shares during the period. Institutional investors own 97.76% of the company's stock.

Chord Energy Stock Down 0.5%

Chord Energy stock traded down $0.49 during midday trading on Monday, reaching $105.37. The company's stock had a trading volume of 833,121 shares, compared to its average volume of 603,726. The stock's 50-day simple moving average is $102.59 and its 200-day simple moving average is $103.02. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.89 and a quick ratio of 0.83. Chord Energy Corporation has a 52-week low of $79.83 and a 52-week high of $157.85. The stock has a market capitalization of $6.09 billion, a P/E ratio of 7.05 and a beta of 0.97.

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

Chord Energy Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have weighed in on CHRD. Royal Bank Of Canada lowered their target price on Chord Energy from $165.00 to $145.00 and set an "outperform" rating for the company in a report on Friday, April 11th. Wall Street Zen cut Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Wells Fargo & Company upped their target price on Chord Energy from $142.00 to $143.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Citigroup upped their target price on Chord Energy from $120.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Mizuho lowered their target price on Chord Energy from $154.00 to $150.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $151.54.

Insider Buying and Selling at Chord Energy

In other news, EVP Shannon Browning Kinney sold 3,091 shares of the stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $94.10, for a total value of $290,863.10. Following the transaction, the executive vice president directly owned 21,277 shares of the company's stock, valued at approximately $2,002,165.70. This represents a 12.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.70% of the company's stock.

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.