M&T Bank Corp Sells 5,864 Shares of Chord Energy Corporation (NASDAQ:CHRD)

M&T Bank Corp trimmed its holdings in shares of Chord Energy Corporation (NASDAQ:CHRD) by 68.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,726 shares of the company’s stock after selling 5,864 shares during the period. M&T Bank Corp’s holdings in Chord Energy were worth $308,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CHRD. FMR LLC boosted its holdings in Chord Energy by 11.5% during the fourth quarter. FMR LLC now owns 3,814,384 shares of the company’s stock worth $445,978,000 after purchasing an additional 394,372 shares during the last quarter. American Century Companies Inc. raised its position in Chord Energy by 15.0% during the fourth quarter. American Century Companies Inc. now owns 1,116,073 shares of the company’s stock worth $130,491,000 after acquiring an additional 145,627 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in Chord Energy by 19.0% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 855,381 shares of the company’s stock worth $100,011,000 after acquiring an additional 136,751 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Chord Energy by 6.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 791,958 shares of the company’s stock worth $89,198,000 after acquiring an additional 47,649 shares in the last quarter. Finally, Woodline Partners LP raised its position in shares of Chord Energy by 16.4% in the fourth quarter. Woodline Partners LP now owns 748,966 shares of the company’s stock valued at $87,569,000 after purchasing an additional 105,448 shares during the period. 97.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CHRD has been the topic of several research reports. Wells Fargo & Company upped their price target on shares of Chord Energy from $142.00 to $143.00 and gave the company an “overweight” rating in a research note on Tuesday. Bank of America dropped their price objective on shares of Chord Energy from $114.00 to $112.00 and set a “buy” rating for the company in a report on Friday, May 23rd. Morgan Stanley set a $139.00 price target on shares of Chord Energy and gave the stock a “cautious” rating in a report on Wednesday, March 26th. Wall Street Zen upgraded shares of Chord Energy from a “sell” rating to a “hold” rating in a research note on Friday, June 27th. Finally, Citigroup lifted their price objective on shares of Chord Energy from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $151.54.

Chord Energy Price Performance

Shares of CHRD stock opened at $105.97 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $6.12 billion, a price-to-earnings ratio of 7.09 and a beta of 0.96. Chord Energy Corporation has a twelve month low of $79.83 and a twelve month high of $177.95. The stock has a fifty day simple moving average of $99.03 and a two-hundred day simple moving average of $104.44.

Chord Energy (NASDAQ:CHRD) last released its earnings results on Tuesday, May 6th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.60 by $0.44. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.07 billion. Chord Energy had a return on equity of 10.34% and a net margin of 16.15%. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter last year, the business posted $5.10 earnings per share. On average, analysts predict that Chord Energy Corporation will post 15.59 EPS for the current fiscal year.

Chord Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Wednesday, May 21st were issued a $1.30 dividend. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $5.20 dividend on an annualized basis and a yield of 4.91%. Chord Energy’s dividend payout ratio (DPR) is presently 34.78%.

Insider Transactions at Chord Energy

In other news, EVP Shannon Browning Kinney sold 3,091 shares of Chord Energy stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $94.10, for a total transaction of $290,863.10. Following the sale, the executive vice president owned 21,277 shares in the company, valued at approximately $2,002,165.70. The trade was a 12.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.70% of the company’s stock.

Chord Energy 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.