Woodline Partners LP Sells 368,921 Shares of Chord Energy Corporation $CHRD

Key Points

• Woodline Partners LP significantly reduced its stake in Chord Energy Corporation by selling 368,921 shares, resulting in an ownership of 0.66% of the company, valued at approximately $42.8 million.
• Chord Energy recently reported $1.79 EPS for the quarter, missing analysts' expectations, with a total revenue of $1.18 billion, reflecting a year-over-year increase of 5.3%.
• The company declared a quarterly dividend of $1.30, representing an annualized dividend of $5.20 and a yield of 5.1%, although the dividend payout ratio is notably high at 132.32%.

Woodline Partners LP lowered its stake in shares of Chord Energy Corporation (NASDAQ:CHRD - Free Report) by 49.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 380,045 shares of the company's stock after selling 368,921 shares during the quarter. Woodline Partners LP owned about 0.66% of Chord Energy worth $42,839,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Empowered Funds LLC grew its position in Chord Energy by 17.0% during the first quarter. Empowered Funds LLC now owns 33,949 shares of the company's stock worth $3,827,000 after buying an additional 4,931 shares in the last quarter. United Services Automobile Association acquired a new stake in Chord Energy during the first quarter worth approximately $456,000. Aristeia Capital L.L.C. acquired a new stake in shares of Chord Energy in the 1st quarter valued at $320,000. Palo Duro Investment Partners LP boosted its holdings in shares of Chord Energy by 3.1% in the 1st quarter. Palo Duro Investment Partners LP now owns 689,690 shares of the company's stock valued at $77,742,000 after purchasing an additional 20,940 shares in the last quarter. Finally, PharVision Advisers LLC acquired a new stake in shares of Chord Energy in the 1st quarter valued at $272,000. Institutional investors and hedge funds own 97.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CHRD. UBS Group raised their target price on Chord Energy from $120.00 to $122.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Wells Fargo & Company raised their target price on Chord Energy from $143.00 to $146.00 and gave the company an "overweight" rating in a report on Friday, August 15th. Wall Street Zen downgraded Chord Energy from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Bank of America reduced their target price on Chord Energy from $114.00 to $112.00 and set a "buy" rating on the stock in a report on Friday, May 23rd. Finally, Piper Sandler raised their target price on Chord Energy from $164.00 to $166.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Chord Energy presently has a consensus rating of "Moderate Buy" and an average target price of $148.00.

Chord Energy Price Performance

Shares of CHRD traded down $0.71 during trading hours on Friday, reaching $104.16. The stock had a trading volume of 927,389 shares, compared to its average volume of 777,978. Chord Energy Corporation has a 12 month low of $79.83 and a 12 month high of $140.15. The stock has a market capitalization of $5.96 billion, a PE ratio of 26.50 and a beta of 0.97. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.97. The company's 50-day moving average is $105.93 and its two-hundred day moving average is $101.25.

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

Chord Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Thursday, August 21st were paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date was Thursday, August 21st. Chord Energy's dividend payout ratio is presently 132.32%.

Insider Activity at Chord Energy

In other news, EVP Shannon Browning Kinney sold 3,019 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $105.43, for a total value 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 represents a 17.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.