Principal Financial Group Inc. Buys 117,379 Shares of Chord Energy Co. (NASDAQ:CHRD)

Principal Financial Group Inc. increased its stake in shares of Chord Energy Co. (NASDAQ:CHRD) by 29.9% in the second quarter, Holdings Channel.com reports. The fund owned 509,335 shares of the company’s stock after purchasing an additional 117,379 shares during the period. Principal Financial Group Inc.’s holdings in Chord Energy were worth $85,405,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Kraematon Investment Advisors Inc. bought a new position in shares of Chord Energy during the 2nd quarter valued at about $4,426,000. Capital Fund Management S.A. boosted its stake in Chord Energy by 252.9% during the fourth quarter. Capital Fund Management S.A. now owns 43,934 shares of the company’s stock valued at $7,303,000 after buying an additional 31,484 shares during the last quarter. LSV Asset Management purchased a new position in Chord Energy during the 4th quarter valued at approximately $16,549,000. Sei Investments Co. increased its stake in Chord Energy by 24.0% in the 1st quarter. Sei Investments Co. now owns 144,166 shares of the company’s stock worth $25,696,000 after acquiring an additional 27,903 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Chord Energy by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 497,088 shares of the company’s stock worth $82,631,000 after acquiring an additional 14,616 shares in the last quarter. 97.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Piper Sandler cut their target price on shares of Chord Energy from $234.00 to $206.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Bank of America lifted their price objective on shares of Chord Energy from $201.00 to $208.00 and gave the stock a “buy” rating in a research note on Wednesday, August 21st. Truist Financial reduced their target price on shares of Chord Energy from $226.00 to $223.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. BMO Capital Markets started coverage on shares of Chord Energy in a report on Monday, June 3rd. They issued an “outperform” rating and a $230.00 price target for the company. Finally, Citigroup reduced their price objective on Chord Energy from $195.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $206.78.

Chord Energy Stock Performance

Shares of NASDAQ:CHRD opened at $148.43 on Friday. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.08. Chord Energy Co. has a 12 month low of $145.35 and a 12 month high of $190.23. The company has a market capitalization of $6.19 billion, a price-to-earnings ratio of 6.97, a PEG ratio of 0.92 and a beta of 1.01. The firm’s 50-day moving average is $162.79 and its 200 day moving average is $169.80.

Chord Energy (NASDAQ:CHRD) last announced its earnings results on Wednesday, August 7th. The company reported $4.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.00 by ($0.31). Chord Energy had a net margin of 22.67% and a return on equity of 16.57%. The business had revenue of $902.70 million for the quarter, compared to analysts’ expectations of $982.43 million. During the same quarter last year, the firm earned $3.65 EPS. The firm’s quarterly revenue was up 29.8% on a year-over-year basis. Research analysts predict that Chord Energy Co. will post 20.85 EPS for the current year.

Chord Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Wednesday, August 21st will be paid a $1.25 dividend. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $5.00 dividend on an annualized basis and a yield of 3.37%. Chord Energy’s payout ratio is 23.46%.

Insiders Place Their Bets

In related news, Director Samantha Holroyd purchased 500 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were purchased at an average cost of $149.51 per share, for a total transaction of $74,755.00. Following the completion of the acquisition, the director now owns 14,417 shares in the company, valued at approximately $2,155,485.67. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.70% of the company’s stock.

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.