Millennium Management LLC Purchases 483,144 Shares of Chord Energy Co. (NASDAQ:CHRD)

Millennium Management LLC increased its position in Chord Energy Co. (NASDAQ:CHRD) by 226.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 696,488 shares of the company’s stock after acquiring an additional 483,144 shares during the quarter. Millennium Management LLC owned about 1.67% of Chord Energy worth $116,787,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CHRD. MBB Public Markets I LLC acquired a new stake in Chord Energy during the second quarter worth $736,000. Caxton Associates LP acquired a new position in Chord Energy during the 2nd quarter worth $2,515,000. HITE Hedge Asset Management LLC acquired a new position in Chord Energy during the 2nd quarter valued at about $36,495,000. Aristeia Capital L.L.C. bought a new stake in shares of Chord Energy during the second quarter worth approximately $505,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in shares of Chord Energy during the 2nd quarter worth about $1,995,000. Institutional investors and hedge funds own 97.76% of the company’s stock.

Insider Activity at Chord Energy

In related news, Director Samantha Holroyd acquired 500 shares of Chord Energy stock in a transaction on Friday, August 23rd. The shares were acquired at an average cost of $149.51 per share, with a total value of $74,755.00. Following the transaction, the director now owns 14,417 shares in the company, valued at $2,155,485.67. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.70% of the stock is owned by company insiders.

Chord Energy Price Performance

CHRD opened at $130.80 on Friday. The firm has a 50-day moving average price of $148.46 and a 200-day moving average price of $166.11. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 0.11. Chord Energy Co. has a twelve month low of $126.96 and a twelve month high of $190.23. The company has a market capitalization of $5.45 billion, a price-to-earnings ratio of 6.14, a PEG ratio of 4.92 and a beta of 0.99.

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). The company had revenue of $902.70 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.65 earnings per share. Equities analysts expect that Chord Energy Co. will post 18.48 EPS for the current year.

Chord Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Wednesday, August 21st were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend was Wednesday, August 21st. Chord Energy’s payout ratio is 23.46%.

Wall Street Analysts Forecast Growth

CHRD has been the subject of several recent analyst reports. 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 target for the company. Jefferies Financial Group started coverage on shares of Chord Energy in a research report on Thursday, September 5th. They set a “hold” rating and a $160.00 price target on the stock. Truist Financial lowered their price target on Chord Energy from $226.00 to $223.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Piper Sandler lowered their price target on shares of Chord Energy from $234.00 to $206.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $200.00 price objective on shares of Chord Energy in a research note on Friday, September 20th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Chord Energy has a consensus rating of “Moderate Buy” and a consensus price target of $202.10.

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.