State Board of Administration of Florida Retirement System Purchases Shares of 9,257 Chord Energy Co. (NASDAQ:CHRD)

State Board of Administration of Florida Retirement System purchased a new stake in shares of Chord Energy Co. (NASDAQ:CHRD – Get Rating) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,257 shares of the company’s stock, valued at approximately $1,266,000.

Several other institutional investors have also added to or reduced their stakes in the business. Ninepoint Partners LP bought a new position in Chord Energy in the fourth quarter worth about $101,923,000. Copeland Capital Management LLC bought a new position in Chord Energy in the fourth quarter worth about $67,071,000. Allspring Global Investments Holdings LLC bought a new position in Chord Energy in the fourth quarter worth about $64,642,000. Mackay Shields LLC bought a new position in Chord Energy in the fourth quarter worth about $18,888,000. Finally, Zweig DiMenna Associates LLC bought a new position in Chord Energy in the fourth quarter worth about $14,744,000. 93.47% of the stock is currently owned by hedge funds and other institutional investors.

Chord Energy Stock Performance

CHRD stock opened at $141.51 on Tuesday. The company has a market capitalization of $5.88 billion, a P/E ratio of 3.35, a PEG ratio of 0.32 and a beta of 1.36. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.18 and a quick ratio of 1.13. The business has a 50-day moving average price of $137.12 and a 200 day moving average price of $140.03. Chord Energy Co. has a 1-year low of $93.35 and a 1-year high of $181.34.

Chord Energy (NASDAQ:CHRD – Get Rating) last announced its earnings results on Wednesday, February 22nd. The company reported $5.28 EPS for the quarter, missing analysts’ consensus estimates of $5.89 by ($0.61). Chord Energy had a return on equity of 23.51% and a net margin of 43.37%. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $875.33 million. As a group, equities research analysts forecast that Chord Energy Co. will post 22.76 EPS for the current fiscal year.

Chord Energy Cuts Dividend

The company also recently announced a None dividend, which will be paid on Tuesday, May 30th. Investors of record on Tuesday, May 16th will be given a $3.22 dividend. The ex-dividend date of this dividend is Monday, May 15th. This represents a yield of 3.5%. Chord Energy’s dividend payout ratio is currently 11.85%.

Insider Activity at Chord Energy

In related news, Director Lynn A. Peterson sold 1,048 shares of the company’s stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $140.06, for a total value of $146,782.88. Following the sale, the director now owns 246,050 shares in the company, valued at $34,461,763. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Chord Energy news, Director Lynn A. Peterson sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, April 17th. The stock was sold at an average price of $144.94, for a total value of $434,820.00. Following the sale, the director now owns 238,098 shares in the company, valued at approximately $34,509,924.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Lynn A. Peterson sold 1,048 shares of the company’s stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $140.06, for a total value of $146,782.88. Following the completion of the sale, the director now owns 246,050 shares in the company, valued at approximately $34,461,763. The disclosure for this sale can be found here. Insiders have sold a total of 7,048 shares of company stock worth $1,007,693 over the last quarter. Insiders own 0.52% of the company’s stock.

Wall Street Analysts Forecast Growth

CHRD has been the subject of a number of research reports. Mizuho decreased their price target on shares of Chord Energy from $196.00 to $179.00 in a research note on Friday, March 10th. Bank of America initiated coverage on shares of Chord Energy in a research note on Wednesday, January 25th. They set a “buy” rating and a $178.00 target price for the company. Stifel Nicolaus raised their target price on shares of Chord Energy from $182.00 to $185.00 in a research note on Thursday, April 27th. Piper Sandler raised their target price on shares of Chord Energy from $210.00 to $213.00 and gave the company an “overweight” rating in a research note on Wednesday, April 19th. Finally, Truist Financial decreased their target price on shares of Chord Energy from $252.00 to $246.00 in a research note on Monday, May 8th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $192.25.

Chord Energy Profile

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Chord Energy Corporation operates as an independent exploration and production company. It acquires, exploits, develops, and explores for crude oil, natural gas, and natural gas liquids in the Williston Basin. The company was founded in 2007 and is headquartered in Houston, Texas.