Wellington Management Group LLP Sells 616,638 Shares of Chord Energy Corporation $CHRD

Wellington Management Group LLP lessened its holdings in Chord Energy Corporation (NASDAQ:CHRD) by 16.3% during the second quarter, Holdings Channel.com reports. The firm owned 3,167,815 shares of the company’s stock after selling 616,638 shares during the quarter. Wellington Management Group LLP owned about 0.06% of Chord Energy worth $362,081,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Bessemer Group Inc. increased its position in Chord Energy by 63.8% during the 1st quarter. Bessemer Group Inc. now owns 190 shares of the company’s stock valued at $27,000 after buying an additional 74 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Chord Energy by 330.9% in the second quarter. Versant Capital Management Inc now owns 237 shares of the company’s stock worth $27,000 after acquiring an additional 182 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Chord Energy in the first quarter worth $29,000. WealthCollab LLC grew its stake in shares of Chord Energy by 90.6% in the second quarter. WealthCollab LLC now owns 305 shares of the company’s stock worth $30,000 after acquiring an additional 145 shares during the last quarter. Finally, Root Financial Partners LLC grew its stake in shares of Chord Energy by 178.6% in the first quarter. Root Financial Partners LLC now owns 234 shares of the company’s stock worth $33,000 after acquiring an additional 150 shares during the last quarter. 97.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CHRD. BMO Capital Markets restated an “outperform” rating on shares of Chord Energy in a report on Monday, June 29th. Wall Street Zen downgraded shares of Chord Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 27th. Wells Fargo & Company reduced their price objective on shares of Chord Energy from $175.00 to $163.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Mizuho upgraded shares of Chord Energy to a “strong-buy” rating in a research note on Friday, July 31st. Finally, UBS Group lifted their target price on shares of Chord Energy from $153.00 to $171.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $152.54.

Insider Transactions at Chord Energy

In other news, Director Douglas E. Brooks sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $133.14, for a total transaction of $1,065,120.00. Following the completion of the transaction, the director directly owned 10,705 shares of the company’s stock, valued at $1,425,263.70. The trade was a 42.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Shannon Browning Kinney sold 4,019 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $140.00, for a total transaction of $562,660.00. Following the transaction, the executive vice president owned 13,560 shares in the company, valued at approximately $1,898,400. This trade represents a 22.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 14,219 shares of company stock worth $1,927,684 over the last three months. 0.79% of the stock is currently owned by company insiders.

Chord Energy Stock Performance

Shares of NASDAQ:CHRD opened at $146.00 on Monday. The company has a market cap of $7.99 billion, a P/E ratio of 9.79 and a beta of 0.48. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.22 and a quick ratio of 1.15. Chord Energy Corporation has a 1 year low of $84.25 and a 1 year high of $153.00. The stock’s fifty day moving average price is $130.78 and its 200-day moving average price is $130.27.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings data on Wednesday, August 5th. The company reported $6.44 EPS for the quarter, missing the consensus estimate of $6.55 by ($0.11). Chord Energy had a return on equity of 10.18% and a net margin of 13.42%.The business had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the previous year, the business posted $1.79 earnings per share. Chord Energy’s quarterly revenue was up 128.6% compared to the same quarter last year. Sell-side analysts expect that Chord Energy Corporation will post 18.61 earnings per share for the current year.

Chord Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Thursday, August 20th will be paid a $1.30 dividend. The ex-dividend date is Thursday, August 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.6%. Chord Energy’s payout ratio is currently 34.85%.

About Chord Energy

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.