Goldman Sachs Group Inc. Decreases Stake in Chord Energy Co. (NASDAQ:CHRD)

Goldman Sachs Group Inc. cut its holdings in shares of Chord Energy Co. (NASDAQ:CHRD) by 3.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 436,289 shares of the company’s stock after selling 17,912 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Chord Energy were worth $72,524,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Contravisory Investment Management Inc. raised its position in Chord Energy by 48.9% during the 4th quarter. Contravisory Investment Management Inc. now owns 259 shares of the company’s stock worth $43,000 after buying an additional 85 shares during the last quarter. SRS Capital Advisors Inc. raised its position in Chord Energy by 306.9% during the 4th quarter. SRS Capital Advisors Inc. now owns 293 shares of the company’s stock worth $49,000 after buying an additional 221 shares during the last quarter. Lindbrook Capital LLC raised its position in Chord Energy by 67.6% during the 4th quarter. Lindbrook Capital LLC now owns 305 shares of the company’s stock worth $51,000 after buying an additional 123 shares during the last quarter. Viking Fund Management LLC raised its position in Chord Energy by 40.0% during the 4th quarter. Viking Fund Management LLC now owns 350 shares of the company’s stock worth $58,000 after buying an additional 100 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its position in Chord Energy by 94.3% during the 4th quarter. Quadrant Capital Group LLC now owns 406 shares of the company’s stock worth $67,000 after buying an additional 197 shares during the last quarter. 97.76% of the stock is owned by hedge funds and other institutional investors.

Chord Energy Price Performance

Chord Energy stock opened at $162.69 on Tuesday. The company’s fifty day moving average price is $178.68 and its 200 day moving average price is $168.52. Chord Energy Co. has a 1 year low of $145.06 and a 1 year high of $190.23. The stock has a market capitalization of $6.78 billion, a P/E ratio of 7.63 and a beta of 1.05. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.07 and a current ratio of 1.14.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Tuesday, May 7th. The company reported $5.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.75 by $0.35. Chord Energy had a net margin of 22.67% and a return on equity of 16.57%. The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $771.87 million. During the same quarter last year, the company earned $4.50 EPS. The firm’s revenue for the quarter was up 24.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Chord Energy Co. will post 22.63 earnings per share for the current fiscal year.

Chord Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were paid a $2.94 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $11.76 dividend on an annualized basis and a yield of 7.23%. Chord Energy’s dividend payout ratio is currently 23.46%.

Analyst Upgrades and Downgrades

CHRD has been the subject of a number of recent research reports. Truist Financial reduced their price target on shares of Chord Energy from $228.00 to $226.00 and set a “buy” rating for the company in a research report on Monday, June 3rd. Bank of America reaffirmed a “buy” rating and set a $201.00 target price on shares of Chord Energy in a report on Friday. Piper Sandler lifted their target price on shares of Chord Energy from $231.00 to $233.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Royal Bank of Canada lifted their target price on shares of Chord Energy from $180.00 to $200.00 and gave the company an “outperform” rating in a report on Monday, April 29th. Finally, BMO Capital Markets initiated coverage on shares of Chord Energy in a report on Monday, June 3rd. They set an “outperform” rating and a $230.00 target price for the company. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $204.00.

About Chord Energy

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.