Jennison Associates LLC Sells 428,681 Shares of Chord Energy Co. (NASDAQ:CHRD)

Jennison Associates LLC cut its holdings in shares of Chord Energy Co. (NASDAQ:CHRD - Free Report) by 53.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 373,494 shares of the company's stock after selling 428,681 shares during the period. Jennison Associates LLC owned about 0.90% of Chord Energy worth $62,086,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vest Financial LLC grew its stake in Chord Energy by 36.0% in the fourth quarter. Vest Financial LLC now owns 79,293 shares of the company's stock worth $13,181,000 after purchasing an additional 20,995 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Chord Energy by 12.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 491,737 shares of the company's stock worth $81,742,000 after purchasing an additional 53,992 shares in the last quarter. Natixis Advisors L.P. grew its stake in Chord Energy by 68.5% in the third quarter. Natixis Advisors L.P. now owns 38,458 shares of the company's stock worth $6,233,000 after purchasing an additional 15,632 shares in the last quarter. Vanguard Group Inc. grew its stake in Chord Energy by 0.5% in the third quarter. Vanguard Group Inc. now owns 4,351,393 shares of the company's stock worth $705,230,000 after purchasing an additional 21,034 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Chord Energy by 7.9% in the third quarter. Invesco Ltd. now owns 444,627 shares of the company's stock worth $72,061,000 after acquiring an additional 32,429 shares during the last quarter. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Chord Energy Stock Performance

Shares of CHRD traded up $0.47 during mid-day trading on Wednesday, reaching $183.59. 357,749 shares of the company's stock traded hands, compared to its average volume of 663,908. The business's 50-day moving average price is $171.57 and its 200-day moving average price is $165.04. The stock has a market capitalization of $7.63 billion, a P/E ratio of 7.80 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.16 and a current ratio of 1.22. Chord Energy Co. has a 12 month low of $133.34 and a 12 month high of $190.23.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its earnings results on Wednesday, February 21st. The company reported $5.25 EPS for the quarter, topping the consensus estimate of $5.04 by $0.21. Chord Energy had a return on equity of 16.35% and a net margin of 26.27%. The firm had revenue of $964.69 million for the quarter, compared to analysts' expectations of $891.67 million. Equities analysts predict that Chord Energy Co. will post 21.6 earnings per share for the current year.

Chord Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Tuesday, March 5th were issued a dividend of $3.25 per share. This is a boost from Chord Energy's previous quarterly dividend of $1.25. The ex-dividend date was Monday, March 4th. This represents a $13.00 annualized dividend and a yield of 7.08%. Chord Energy's payout ratio is presently 21.25%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CHRD shares. Stifel Nicolaus raised their target price on shares of Chord Energy from $178.00 to $211.00 and gave the stock a "buy" rating in a report on Tuesday, February 27th. Truist Financial cut their target price on shares of Chord Energy from $229.00 to $224.00 and set a "buy" rating on the stock in a report on Friday, April 5th. Mizuho raised their target price on shares of Chord Energy from $189.00 to $195.00 and gave the stock a "buy" rating in a report on Thursday, March 14th. Piper Sandler raised their target price on shares of Chord Energy from $219.00 to $230.00 and gave the stock an "overweight" rating in a report on Friday, April 19th. Finally, Bank of America cut shares of Chord Energy from a "buy" rating to an "underperform" rating and cut their target price for the stock from $177.00 to $165.00 in a report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Chord Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $191.50.

Insider Buying and Selling

In related news, CFO Michael H. Lou sold 3,000 shares of the business's stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $154.15, for a total transaction of $462,450.00. Following the sale, the chief financial officer now owns 131,209 shares of the company's stock, valued at $20,225,867.35. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.70% of the stock is owned by corporate insiders.

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.