HITE Hedge Asset Management LLC Takes Position in Chord Energy Co. (NASDAQ:CHRD)

HITE Hedge Asset Management LLC purchased a new position in shares of Chord Energy Co. (NASDAQ:CHRD) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 217,647 shares of the company’s stock, valued at approximately $36,495,000. Chord Energy comprises about 3.5% of HITE Hedge Asset Management LLC’s holdings, making the stock its 10th largest holding.

Several other institutional investors have also recently made changes to their positions in CHRD. Janney Montgomery Scott LLC lifted its stake in shares of Chord Energy by 2.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 6,531 shares of the company’s stock valued at $1,086,000 after purchasing an additional 175 shares during the last quarter. Assetmark Inc. lifted its position in Chord Energy by 23.4% in the fourth quarter. Assetmark Inc. now owns 1,206 shares of the company’s stock valued at $200,000 after buying an additional 229 shares during the last quarter. Parallel Advisors LLC boosted its stake in Chord Energy by 26.3% during the fourth quarter. Parallel Advisors LLC now owns 1,200 shares of the company’s stock worth $199,000 after buying an additional 250 shares during the period. Stifel Financial Corp increased its position in shares of Chord Energy by 145.4% during the fourth quarter. Stifel Financial Corp now owns 55,913 shares of the company’s stock valued at $9,294,000 after acquiring an additional 33,129 shares during the last quarter. Finally, TFO Wealth Partners LLC raised its stake in shares of Chord Energy by 61,650.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,235 shares of the company’s stock valued at $205,000 after acquiring an additional 1,233 shares during the period. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on CHRD. Piper Sandler lowered their price objective on shares of Chord Energy from $234.00 to $206.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. BMO Capital Markets began coverage on Chord Energy in a report on Monday, June 3rd. They issued an “outperform” rating and a $230.00 price objective on the stock. Royal Bank of Canada restated an “outperform” rating and set a $200.00 target price on shares of Chord Energy in a report on Friday, September 20th. Citigroup cut their price target on shares of Chord Energy from $195.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, Truist Financial lowered their price objective on shares of Chord Energy from $226.00 to $223.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $202.10.

Chord Energy Trading Down 1.8 %

Shares of NASDAQ:CHRD opened at $134.80 on Wednesday. The company has a market cap of $8.34 billion, a PE ratio of 6.33, a P/E/G ratio of 4.92 and a beta of 0.99. The company’s 50 day moving average is $151.18 and its two-hundred day moving average is $166.84. Chord Energy Co. has a 52 week low of $129.75 and a 52 week high of $190.23. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $4.69 earnings per share for the quarter, missing analysts’ consensus estimates of $5.00 by ($0.31). The business had revenue of $902.70 million during the quarter, compared to analyst estimates of $982.43 million. Chord Energy had a net margin of 20.83% and a return on equity of 15.06%. The firm’s quarterly revenue was up 29.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.65 earnings per share. Equities analysts predict that Chord Energy Co. will post 18.48 earnings per share for the current fiscal year.

Chord Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Wednesday, August 21st were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 3.71%. The ex-dividend date was Wednesday, August 21st. Chord Energy’s payout ratio is 23.46%.

Insider Activity at Chord Energy

In related news, Director Samantha Holroyd acquired 500 shares of Chord Energy stock in a transaction dated Friday, August 23rd. The stock was acquired at an average price of $149.51 per share, for a total transaction of $74,755.00. Following the transaction, the director now owns 14,417 shares of the company’s stock, valued at $2,155,485.67. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.70% of the stock is currently owned by corporate insiders.

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.