First Trust Direct Indexing L.P. Makes New Investment in Chord Energy Co. (NASDAQ:CHRD)

First Trust Direct Indexing L.P. purchased a new stake in Chord Energy Co. (NASDAQ:CHRD) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,751 shares of the company’s stock, valued at approximately $228,000.

Several other hedge funds and other institutional investors have also made changes to their positions in CHRD. Victory Capital Management Inc. increased its holdings in Chord Energy by 397.5% during the 2nd quarter. Victory Capital Management Inc. now owns 1,589,061 shares of the company’s stock valued at $266,454,000 after acquiring an additional 1,269,658 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Chord Energy by 72.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,771,780 shares of the company’s stock worth $297,090,000 after purchasing an additional 741,705 shares in the last quarter. Boston Partners raised its position in shares of Chord Energy by 107.0% during the 1st quarter. Boston Partners now owns 1,305,942 shares of the company’s stock worth $232,813,000 after purchasing an additional 674,965 shares during the last quarter. Millennium Management LLC lifted its stake in Chord Energy by 226.5% in the 2nd quarter. Millennium Management LLC now owns 696,488 shares of the company’s stock valued at $116,787,000 after buying an additional 483,144 shares in the last quarter. Finally, KGH Ltd grew its holdings in Chord Energy by 872.0% during the 2nd quarter. KGH Ltd now owns 485,998 shares of the company’s stock valued at $81,492,000 after buying an additional 435,998 shares during the last quarter. Institutional investors and hedge funds own 97.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CHRD shares. BMO Capital Markets reduced their price objective on Chord Energy from $205.00 to $175.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Wells Fargo & Company decreased their price target on shares of Chord Energy from $185.00 to $180.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $200.00 price objective on shares of Chord Energy in a research report on Friday, September 20th. Truist Financial decreased their target price on shares of Chord Energy from $223.00 to $185.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Finally, Piper Sandler boosted their price target on Chord Energy from $206.00 to $211.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $190.18.

Chord Energy Price Performance

CHRD stock opened at $126.64 on Wednesday. The stock has a 50-day simple moving average of $133.21 and a 200-day simple moving average of $157.04. The firm has a market cap of $7.84 billion, a P/E ratio of 6.15, a price-to-earnings-growth ratio of 4.80 and a beta of 0.98. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.91 and a current ratio of 0.96. Chord Energy Co. has a 1 year low of $123.30 and a 1 year high of $190.23.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $4.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.00 by ($0.31). The firm had revenue of $902.70 million for the quarter, compared to analysts’ expectations of $982.43 million. Chord Energy had a net margin of 20.83% and a return on equity of 15.06%. The company’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.65 EPS. On average, equities analysts predict that Chord Energy Co. will post 17.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Chord Energy news, Director Samantha Holroyd bought 500 shares of the stock in a transaction dated Friday, August 23rd. The stock was bought at an average cost of $149.51 per share, for a total transaction of $74,755.00. Following the completion of the purchase, the director now directly owns 14,417 shares of the company’s stock, valued at approximately $2,155,485.67. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.70% of the stock is currently owned by company 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.