Insider Selling: Chord Energy (NASDAQ:CHRD) Director Sells 2,200 Shares of Stock

Key Points

• Chord Energy director Samantha Mckinney sold 2,200 shares at an average price of $136.32, generating approximately $299,904. She retained 17,030 shares, representing an 11.44% reduction in her direct ownership.
• Chord Energy reported quarterly revenue of $2.17 billion, up 128.6% year over year, but earnings per share of $6.44 narrowly missed analysts’ $6.55 estimate.
• The company declared a quarterly dividend of $1.30, equivalent to $5.20 annually and a 3.8% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $153.46 versus the stock’s cited price of $137.58.

Chord Energy Corporation (NASDAQ:CHRD - Get Free Report) Director Samantha Mckinney sold 2,200 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $136.32, for a total transaction of $299,904.00. Following the transaction, the director directly owned 17,030 shares of the company's stock, valued at $2,321,529.60. This represents a 11.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Chord Energy Stock Performance

NASDAQ:CHRD traded down $1.65 during mid-day trading on Wednesday, hitting $137.58. The company's stock had a trading volume of 688,018 shares, compared to its average volume of 912,920. Chord Energy Corporation has a 1 year low of $84.25 and a 1 year high of $151.95. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15. The stock has a market cap of $7.53 billion, a price-to-earnings ratio of 9.22 and a beta of 0.48. The business's fifty day moving average is $128.06 and its two-hundred day moving average is $126.20.

Chord Energy (NASDAQ:CHRD - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing the consensus estimate of $6.55 by ($0.11). The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $1.62 billion. Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The firm's revenue was up 128.6% on a year-over-year basis. During the same period last year, the business earned $1.79 earnings per share. Analysts anticipate that Chord Energy Corporation will post 18.5 EPS for the current fiscal year.

Chord Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Thursday, August 20th will be issued a $1.30 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $5.20 dividend on an annualized basis and a yield of 3.8%. Chord Energy's dividend payout ratio is presently 34.85%.

Hedge Funds Weigh In On Chord Energy

Institutional investors have recently bought and sold shares of the company. Ninepoint Partners LP acquired a new position in shares of Chord Energy during the 2nd quarter worth $5,144,000. Foster & Motley Inc. purchased a new position in Chord Energy during the second quarter worth $695,000. Bank of New York Mellon Corp purchased a new position in Chord Energy in the 2nd quarter valued at about $66,489,000. Assenagon Asset Management S.A. purchased a new stake in Chord Energy in the 2nd quarter worth approximately $24,670,000. Finally, GAMMA Investing LLC increased its stake in Chord Energy by 14.4% in the second quarter. GAMMA Investing LLC now owns 1,618 shares of the company's stock valued at $185,000 after purchasing an additional 204 shares during the last quarter. 97.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Roth Capital reiterated a "buy" rating and issued a $145.00 price objective on shares of Chord Energy in a report on Wednesday, July 15th. Weiss Ratings raised shares of Chord Energy from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Tuesday. Morgan Stanley dropped their price objective on shares of Chord Energy from $175.00 to $169.00 and set an "overweight" rating for the company in a report on Monday, June 29th. Scotiabank boosted their price objective on shares of Chord Energy from $114.00 to $135.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Finally, Truist Financial lowered their price target on Chord Energy from $170.00 to $166.00 and set a "buy" rating for the company in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $153.46.

About Chord Energy

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source