Chord Energy Corporation $CHRD Shares Sold by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC cut its stake in shares of Chord Energy Corporation (NASDAQ:CHRD) by 57.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 247,048 shares of the company’s stock after selling 328,338 shares during the quarter. Chord Energy accounts for approximately 1.5% of HITE Hedge Asset Management LLC’s holdings, making the stock its 20th biggest position. HITE Hedge Asset Management LLC’s holdings in Chord Energy were worth $22,901,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Lord Abbett & CO. LLC acquired a new stake in shares of Chord Energy during the fourth quarter worth $9,316,000. Brooklyn Investment Group lifted its holdings in shares of Chord Energy by 61.3% during the fourth quarter. Brooklyn Investment Group now owns 6,278 shares of the company’s stock worth $573,000 after purchasing an additional 2,387 shares during the period. Index Technologies Group LLC acquired a new stake in shares of Chord Energy during the fourth quarter worth $358,000. Quantum Portfolio Management LLC acquired a new stake in shares of Chord Energy during the fourth quarter worth $582,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Chord Energy by 85.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company’s stock worth $112,927,000 after purchasing an additional 561,899 shares during the period. 97.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CHRD has been the subject of several recent research reports. Piper Sandler increased their price target on Chord Energy from $158.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Zacks Research downgraded Chord Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Williams Trading set a $189.00 price target on Chord Energy in a report on Monday, April 20th. Wall Street Zen raised Chord Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 30th. Finally, Truist Financial reduced their target price on Chord Energy from $187.00 to $185.00 and set a “buy” rating for the company in a report on Friday, May 8th. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $157.54.

Chord Energy Price Performance

Chord Energy stock opened at $135.34 on Friday. Chord Energy Corporation has a one year low of $84.25 and a one year high of $151.95. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.96 and a current ratio of 1.02. The business has a fifty day moving average of $138.46 and a two-hundred day moving average of $116.24. The company has a market cap of $7.62 billion, a P/E ratio of -119.77 and a beta of 0.48.

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

Chord Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Wednesday, May 20th were issued a $1.30 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $5.20 dividend on an annualized basis and a yield of 3.8%. Chord Energy’s dividend payout ratio (DPR) is -460.18%.

Insiders Place Their Bets

In other Chord Energy news, Director Douglas E. Brooks sold 1,500 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $138.57, for a total value of $207,855.00. Following the completion of the sale, the director owned 18,705 shares of the company’s stock, valued at approximately $2,591,951.85. This trade represents a 7.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Darrin J. Henke sold 1,276 shares of the firm’s stock in a transaction 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 approximately $3,088,287.29. This trade represents a 5.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 9,276 shares of company stock valued at $1,285,968. 0.79% of the stock is owned by corporate insiders.

Chord Energy 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.