Sterling Capital Management LLC trimmed its stake in Chord Energy Corporation (NASDAQ:CHRD – Free Report) by 16.2% during the third quarter, Holdings Channel.com reports. The fund owned 25,888 shares of the company’s stock after selling 5,010 shares during the period. Sterling Capital Management LLC’s holdings in Chord Energy were worth $3,471,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the stock. Bank of America Corp DE boosted its position in shares of Chord Energy by 8.4% during the 1st quarter. Bank of America Corp DE now owns 238,068 shares of the company’s stock worth $33,849,000 after purchasing an additional 18,399 shares during the period. Globeflex Capital L P purchased a new stake in Chord Energy in the second quarter valued at approximately $585,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Chord Energy in the second quarter valued at approximately $423,000. Ninepoint Partners LP purchased a new stake in Chord Energy in the second quarter valued at approximately $5,144,000. Finally, Royal Bank of Canada raised its position in Chord Energy by 119.3% in the first quarter. Royal Bank of Canada now owns 36,579 shares of the company’s stock valued at $5,202,000 after purchasing an additional 19,896 shares during the period. 97.76% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research firms have commented on CHRD. Roth Capital restated a “buy” rating and set a $165.00 price target on shares of Chord Energy in a research note on Monday, October 19th. Weiss Ratings raised Chord Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Wall Street Zen raised Chord Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 10th. Scotiabank initiated coverage on Chord Energy in a report on Wednesday, October 14th. They issued a “sector outperform” rating and a $192.00 price objective on the stock. Finally, Zacks Research upgraded Chord Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 20th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $174.54.
Read Our Latest Stock Analysis on Chord Energy
Chord Energy Stock Up 5.1%
Shares of NASDAQ:CHRD opened at $158.13 on Friday. The firm’s 50 day moving average price is $145.07 and its 200 day moving average price is $137.13. The stock has a market cap of $8.65 billion, a price-to-earnings ratio of 10.60 and a beta of 0.59. Chord Energy Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $159.05. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 0.18.
Chord Energy (NASDAQ:CHRD – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $6.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.55 by ($0.11). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%. The firm had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the prior year, the firm earned $1.79 EPS. The firm’s revenue was up 128.6% compared to the same quarter last year. As a group, equities research analysts predict that Chord Energy Corporation will post 23.11 earnings per share for the current fiscal year.
Chord Energy Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Thursday, August 20th were issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Thursday, August 20th. Chord Energy’s dividend payout ratio (DPR) is presently 34.85%.
Insider Activity
In other news, Director Samantha Mckinney sold 9,750 shares of Chord Energy stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $149.94, for a total transaction of $1,461,915.00. Following the completion of the sale, the director directly owned 7,280 shares of the company’s stock, valued at approximately $1,091,563.20. The trade was a 57.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas Brooks sold 8,000 shares of Chord Energy stock in a transaction on Friday, August 7th. The stock was sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the sale, the director directly owned 10,705 shares of the company’s stock, valued at approximately $1,425,263.70. This trade represents a 42.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 23,969 shares of company stock worth $3,389,599. 0.79% of the stock is currently owned by corporate insiders.
About Chord Energy
Chord Energy Corporation is an independent exploration and production company focused on the development and operation of oil and natural gas properties in the United States. Its portfolio is concentrated in the Williston Basin, which spans parts of North Dakota and Montana. The company’s production mix includes crude oil, natural gas and natural gas liquids.
Chord’s operations include acquiring, developing and producing hydrocarbons from operated and non-operated wells, with an emphasis on drilling and completion activities in the Bakken and Three Forks formations.
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