Public Employees Retirement System of Ohio Decreases Holdings in Chord Energy Co. (NASDAQ:CHRD)

Public Employees Retirement System of Ohio cut its stake in shares of Chord Energy Co. (NASDAQ:CHRD) by 82.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,076 shares of the company’s stock after selling 10,026 shares during the period. Public Employees Retirement System of Ohio’s holdings in Chord Energy were worth $336,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CHRD. BlackRock Inc. raised its stake in Chord Energy by 50.4% during the 1st quarter. BlackRock Inc. now owns 4,888,058 shares of the company’s stock valued at $657,933,000 after buying an additional 1,638,278 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Chord Energy by 514.8% in the 1st quarter. First Trust Advisors LP now owns 1,477,124 shares of the company’s stock worth $198,821,000 after purchasing an additional 1,236,882 shares in the last quarter. Charles Schwab Investment Management Inc. purchased a new stake in shares of Chord Energy in the 4th quarter worth $59,579,000. FMR LLC increased its stake in shares of Chord Energy by 12.9% in the 3rd 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 in the last quarter. Finally, State Street Corp increased its stake in shares of Chord Energy by 22.5% in the 1st quarter. State Street Corp now owns 1,903,685 shares of the company’s stock worth $256,236,000 after purchasing an additional 349,592 shares in the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Chord Energy Trading Up 1.5 %

Shares of Chord Energy stock opened at $175.79 on Thursday. The company has a fifty day moving average of $160.69 and a 200 day moving average of $161.79. Chord Energy Co. has a fifty-two week low of $127.77 and a fifty-two week high of $175.88. The company has a market capitalization of $7.30 billion, a P/E ratio of 7.47 and a beta of 1.05. 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 (NASDAQ:CHRD) last released its quarterly earnings data on Wednesday, February 21st. The company reported $5.25 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 business had revenue of $964.69 million during the quarter, compared to the consensus estimate of $891.67 million. On average, sell-side analysts anticipate that Chord Energy Co. will post 20.25 earnings per share for the current fiscal year.

Chord Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Tuesday, March 5th were issued a dividend of $3.25 per share. This represents a $13.00 annualized dividend and a dividend yield of 7.40%. The ex-dividend date of this dividend was Monday, March 4th. This is an increase from Chord Energy’s previous quarterly dividend of $1.25. Chord Energy’s dividend payout ratio is 21.25%.

Insider Buying and Selling at Chord Energy

In other Chord Energy news, CFO Michael H. Lou sold 3,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $154.15, for a total transaction of $462,450.00. Following the completion of the transaction, the chief financial officer now owns 131,209 shares of the company’s stock, valued at approximately $20,225,867.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Michael H. Lou sold 6,000 shares of the stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $169.80, for a total value of $1,018,800.00. Following the completion of the transaction, the chief financial officer now owns 170,835 shares of the company’s stock, valued at approximately $29,007,783. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Michael H. Lou sold 3,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $154.15, for a total transaction of $462,450.00. Following the completion of the transaction, the chief financial officer now directly owns 131,209 shares of the company’s stock, valued at approximately $20,225,867.35. The disclosure for this sale can be found here. Insiders sold 12,000 shares of company stock valued at $1,976,250 in the last 90 days. Insiders own 0.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CHRD shares. Bank of America lowered Chord Energy from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $177.00 to $165.00 in a research note on Friday, January 5th. Piper Sandler upped their price objective on Chord Energy from $218.00 to $219.00 and gave the stock an “overweight” rating in a research note on Thursday, March 7th. Truist Financial upped their price objective on Chord Energy from $224.00 to $229.00 and gave the stock a “buy” rating in a research note on Thursday, February 22nd. Stifel Nicolaus upped their price objective on Chord Energy from $178.00 to $211.00 and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Finally, Mizuho upped 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. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $190.90.

Chord Energy Profile

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.