Invenomic Capital Management LP Trims Position in Chord Energy Co. (NASDAQ:CHRD)

Invenomic Capital Management LP reduced its position in shares of Chord Energy Co. (NASDAQ:CHRD) by 7.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 263,340 shares of the company’s stock after selling 22,402 shares during the quarter. Chord Energy comprises about 1.9% of Invenomic Capital Management LP’s portfolio, making the stock its 9th biggest position. Invenomic Capital Management LP owned 0.43% of Chord Energy worth $34,295,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. Hexagon Capital Partners LLC boosted its holdings in shares of Chord Energy by 462.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 197 shares of the company’s stock worth $26,000 after purchasing an additional 162 shares during the last quarter. Stone House Investment Management LLC acquired a new position in Chord Energy during the third quarter worth $26,000. UMB Bank n.a. raised its holdings in Chord Energy by 77.7% in the 3rd quarter. UMB Bank n.a. now owns 231 shares of the company’s stock valued at $30,000 after acquiring an additional 101 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in Chord Energy during the second quarter worth approximately $40,000. Finally, Benjamin F. Edwards & Company Inc. raised its position in shares of Chord Energy by 125.9% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 244 shares of the company’s stock valued at $41,000 after purchasing an additional 136 shares in the last quarter. Institutional investors own 97.76% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Truist Financial cut their price objective on shares of Chord Energy from $223.00 to $185.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Royal Bank of Canada dropped their target price on Chord Energy from $185.00 to $180.00 and set an “outperform” rating on the stock in a report on Wednesday, November 20th. Jefferies Financial Group began coverage on Chord Energy in a report on Thursday, September 5th. They issued a “hold” rating and a $160.00 price objective for the company. BMO Capital Markets decreased their price target on Chord Energy from $205.00 to $175.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Finally, Wells Fargo & Company cut their target price on Chord Energy from $185.00 to $180.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Chord Energy presently has an average rating of “Moderate Buy” and an average price target of $188.45.

Chord Energy Stock Down 0.5 %

NASDAQ:CHRD opened at $126.88 on Tuesday. The firm has a market capitalization of $7.76 billion, a price-to-earnings ratio of 6.53, a PEG ratio of 5.12 and a beta of 0.96. Chord Energy Co. has a 1-year low of $123.30 and a 1-year high of $190.23. The business’s fifty day moving average price is $129.96 and its 200 day moving average price is $150.25. The company has a current ratio of 0.93, a quick ratio of 0.89 and a debt-to-equity ratio of 0.10.

Chord Energy (NASDAQ:CHRD) last posted its earnings results on Wednesday, November 6th. The company reported $3.40 EPS for the quarter, missing the consensus estimate of $3.63 by ($0.23). The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Chord Energy had a return on equity of 12.88% and a net margin of 19.74%. The company’s revenue for the quarter was up 33.4% on a year-over-year basis. During the same period in the prior year, the business posted $5.04 earnings per share. On average, sell-side analysts forecast that Chord Energy Co. will post 16.5 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Wednesday, November 27th will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 3.94%. The ex-dividend date is Wednesday, November 27th. Chord Energy’s dividend payout ratio is currently 25.75%.

Chord Energy Company 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.