Sourcerock Group LLC Grows Stock Position in Chord Energy Co. (NASDAQ:CHRD)

Sourcerock Group LLC boosted its holdings in Chord Energy Co. (NASDAQ:CHRD) by 214.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 314,870 shares of the company’s stock after acquiring an additional 214,870 shares during the period. Chord Energy accounts for 2.6% of Sourcerock Group LLC’s investment portfolio, making the stock its 11th largest holding. Sourcerock Group LLC’s holdings in Chord Energy were worth $36,815,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Pacer Advisors Inc. lifted its holdings in shares of Chord Energy by 50.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,872,156 shares of the company’s stock valued at $218,892,000 after purchasing an additional 627,122 shares in the last quarter. Victory Capital Management Inc. increased its position in Chord Energy by 27.6% during the 4th quarter. Victory Capital Management Inc. now owns 2,864,456 shares of the company’s stock worth $334,912,000 after purchasing an additional 619,021 shares in the last quarter. FMR LLC raised its stake in Chord Energy by 11.5% in the 4th quarter. FMR LLC now owns 3,814,384 shares of the company’s stock valued at $445,978,000 after purchasing an additional 394,372 shares during the last quarter. Encompass Capital Advisors LLC purchased a new position in Chord Energy in the 4th quarter valued at about $43,745,000. Finally, Squarepoint Ops LLC boosted its stake in shares of Chord Energy by 365.5% during the 4th quarter. Squarepoint Ops LLC now owns 337,284 shares of the company’s stock worth $39,435,000 after purchasing an additional 264,828 shares during the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Bank of America raised shares of Chord Energy from a “neutral” rating to a “buy” rating and cut their price objective for the company from $125.00 to $114.00 in a research report on Tuesday, April 29th. Morgan Stanley set a $139.00 price target on Chord Energy and gave the stock a “cautious” rating in a research note on Wednesday, March 26th. Piper Sandler lowered their price target on Chord Energy from $184.00 to $183.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Royal Bank of Canada cut their price objective on shares of Chord Energy from $165.00 to $145.00 and set an “outperform” rating on the stock in a report on Friday, April 11th. Finally, Citigroup decreased their target price on shares of Chord Energy from $135.00 to $120.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $153.92.

Insider Activity

In other news, EVP Shannon Browning Kinney sold 3,091 shares of Chord Energy stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $94.10, for a total transaction of $290,863.10. Following the sale, the executive vice president now directly owns 21,277 shares of the company’s stock, valued at approximately $2,002,165.70. The trade was a 12.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.70% of the company’s stock.

Chord Energy Trading Up 0.8%

Shares of CHRD opened at $96.67 on Monday. Chord Energy Co. has a 12 month low of $79.83 and a 12 month high of $188.02. The stock’s 50-day moving average is $98.06 and its two-hundred day moving average is $111.46. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.89. The stock has a market cap of $5.58 billion, a PE ratio of 4.98, a P/E/G ratio of 5.83 and a beta of 0.99.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Tuesday, May 6th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.60 by $0.44. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.07 billion. Chord Energy had a return on equity of 12.88% and a net margin of 19.74%. Chord Energy’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same period in the previous year, the company posted $5.10 EPS. Equities analysts forecast that Chord Energy Co. will post 15.59 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Wednesday, May 21st will be given a dividend of $1.30 per share. The ex-dividend date is Wednesday, May 21st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.38%. Chord Energy’s payout ratio is currently 34.78%.

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.