Retirement Systems of Alabama Has $16.59 Million Position in Chord Energy Co. (NASDAQ:CHRD)

Retirement Systems of Alabama lifted its holdings in shares of Chord Energy Co. (NASDAQ:CHRD - Free Report) by 44.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 99,799 shares of the company's stock after buying an additional 30,643 shares during the period. Retirement Systems of Alabama owned approximately 0.24% of Chord Energy worth $16,590,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its position 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 during the period. FMR LLC lifted its position in Chord Energy by 12.9% in the third quarter. FMR LLC now owns 3,185,243 shares of the company's stock worth $516,232,000 after purchasing an additional 364,673 shares during the period. Wellington Management Group LLP lifted its position in Chord Energy by 1.0% in the third quarter. Wellington Management Group LLP now owns 2,671,474 shares of the company's stock worth $432,966,000 after purchasing an additional 26,896 shares during the period. Jennison Associates LLC lifted its position in Chord Energy by 0.4% in the third quarter. Jennison Associates LLC now owns 802,175 shares of the company's stock worth $130,009,000 after purchasing an additional 2,837 shares during the period. Finally, Sourcerock Group LLC lifted its position in Chord Energy by 1.1% in the third quarter. Sourcerock Group LLC now owns 612,943 shares of the company's stock worth $99,340,000 after purchasing an additional 6,402 shares during the period. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CHRD has been the subject of a number of research analyst reports. Mizuho upped their target price on Chord Energy from $189.00 to $195.00 and gave the stock a "buy" rating in a research report on Thursday, March 14th. Stifel Nicolaus upped their target price on Chord Energy from $178.00 to $211.00 and gave the stock a "buy" rating in a research report on Tuesday, February 27th. Bank of America cut Chord Energy from a "buy" rating to an "underperform" rating and dropped their price target for the company from $177.00 to $165.00 in a report on Friday, January 5th. Piper Sandler upped their price target on Chord Energy from $219.00 to $230.00 and gave the company an "overweight" rating in a report on Friday, April 19th. Finally, Truist Financial dropped their price target on Chord Energy from $229.00 to $224.00 and set a "buy" rating on the stock in a report on Friday, April 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $193.50.

Insider Transactions at Chord Energy

In other news, CFO Michael H. Lou sold 3,000 shares of the company's stock in a transaction on Friday, February 16th. The shares were sold at an average price of $165.00, for a total value of $495,000.00. Following the transaction, the chief financial officer now directly owns 128,209 shares of the company's stock, valued at $21,154,485. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is currently owned by company insiders.

Chord Energy Stock Down 1.6 %

NASDAQ:CHRD traded down $2.81 during trading hours on Wednesday, hitting $174.17. 1,040,796 shares of the stock traded hands, compared to its average volume of 664,387. The firm has a 50 day moving average price of $173.78 and a 200 day moving average price of $165.76. The company has a current ratio of 1.22, a quick ratio of 1.16 and a debt-to-equity ratio of 0.08. Chord Energy Co. has a fifty-two week low of $133.34 and a fifty-two week high of $190.23. The firm has a market cap of $7.24 billion, a price-to-earnings ratio of 7.40 and a beta of 1.06.

Chord Energy (NASDAQ:CHRD - Get Free Report) last announced its earnings results on Wednesday, February 21st. The company reported $5.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.04 by $0.21. Chord Energy had a net margin of 26.27% and a return on equity of 16.35%. The company had revenue of $964.69 million for the quarter, compared to the consensus estimate of $891.67 million. Equities research analysts anticipate that Chord Energy Co. will post 22.03 earnings per share for the current year.

Chord Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 19th. Stockholders of record on Tuesday, March 5th were paid a $3.25 dividend. The ex-dividend date was Monday, March 4th. This is an increase from Chord Energy's previous quarterly dividend of $1.25. This represents a $13.00 dividend on an annualized basis and a dividend yield of 7.46%. Chord Energy's dividend payout ratio is 21.25%.

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.