Geode Capital Management LLC Acquires 277,588 Shares of Chord Energy Corporation $CHRD

Geode Capital Management LLC lifted its holdings in Chord Energy Corporation (NASDAQ:CHRD) by 15.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,053,045 shares of the company’s stock after acquiring an additional 277,588 shares during the period. Geode Capital Management LLC’s holdings in Chord Energy were worth $190,346,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CHRD. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Chord Energy by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,964 shares of the company’s stock worth $13,973,000 after acquiring an additional 18,137 shares during the period. Focus Partners Wealth bought a new position in Chord Energy during the first quarter valued at approximately $289,000. EverSource Wealth Advisors LLC boosted its stake in Chord Energy by 364.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,555 shares of the company’s stock valued at $151,000 after buying an additional 1,220 shares during the last quarter. Jump Financial LLC bought a new position in Chord Energy during the second quarter valued at approximately $1,010,000. Finally, Gamco Investors INC. ET AL boosted its stake in Chord Energy by 108.5% during the second quarter. Gamco Investors INC. ET AL now owns 10,429 shares of the company’s stock valued at $1,010,000 after buying an additional 5,428 shares during the last quarter. Institutional investors own 97.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CHRD. Truist Financial dropped their price target on Chord Energy from $187.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Mizuho increased their price target on Chord Energy from $164.00 to $175.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Wall Street Zen raised Chord Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 30th. Wells Fargo & Company increased their price target on Chord Energy from $136.00 to $175.00 and gave the company an “overweight” rating in a research note on Wednesday, April 8th. Finally, Roth Mkm reissued a “buy” rating and set a $140.00 price target (up from $130.00) on shares of Chord Energy in a research note on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.54.

Insider Activity

In other news, EVP Michael H. Lou sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $125.47, for a total value of $1,882,050.00. Following the completion of the sale, the executive vice president directly owned 82,699 shares of the company’s stock, valued at $10,376,243.53. This trade represents a 15.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Darrin J. Henke sold 1,276 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $145.97, for a total value of $186,257.72. Following the completion of the sale, the chief operating officer directly owned 21,157 shares of the company’s stock, valued at $3,088,287.29. The trade was a 5.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 26,402 shares of company stock valued at $3,423,733 in the last ninety days. Insiders own 0.79% of the company’s stock.

Chord Energy Trading Up 1.9%

Shares of CHRD stock opened at $140.62 on Thursday. The company has a market cap of $7.92 billion, a PE ratio of -124.44 and a beta of 0.48. Chord Energy Corporation has a 1 year low of $84.25 and a 1 year high of $151.95. The stock’s 50 day simple moving average is $139.17 and its two-hundred day simple moving average is $114.21. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.02 and a quick ratio of 0.96.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $4.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.51 by $1.05. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.21 billion. Chord Energy had a positive return on equity of 7.06% and a negative net margin of 1.25%.The company’s revenue for the quarter was up 37.1% on a year-over-year basis. During the same period last year, the company earned $4.04 EPS. Research analysts predict that Chord Energy Corporation will post 20.53 earnings per share for the current year.

Chord Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th will be paid a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Wednesday, May 20th. Chord Energy’s dividend payout ratio (DPR) is presently -460.18%.

Chord Energy Company Profile

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.