Franklin Resources Inc. Decreases Stake in Chord Energy Corporation $CHRD

Franklin Resources Inc. cut its position in shares of Chord Energy Corporation (NASDAQ:CHRD) by 88.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,639 shares of the company’s stock after selling 27,305 shares during the period. Franklin Resources Inc.’s holdings in Chord Energy were worth $352,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Bayforest Capital Ltd purchased a new stake in shares of Chord Energy during the 2nd quarter worth approximately $28,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Chord Energy by 91.2% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 411 shares of the company’s stock valued at $40,000 after purchasing an additional 196 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in Chord Energy by 5,877.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 538 shares of the company’s stock valued at $61,000 after purchasing an additional 529 shares during the last quarter. Allworth Financial LP lifted its position in Chord Energy by 160.5% during the second quarter. Allworth Financial LP now owns 659 shares of the company’s stock valued at $64,000 after purchasing an additional 406 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake in shares of Chord Energy by 254.1% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 687 shares of the company’s stock worth $67,000 after buying an additional 493 shares in the last quarter. Institutional investors own 97.76% of the company’s stock.

Chord Energy Trading Up 1.3%

Shares of CHRD opened at $98.50 on Wednesday. The firm has a market capitalization of $5.60 billion, a price-to-earnings ratio of 37.88 and a beta of 0.92. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.35 and a quick ratio of 1.28. Chord Energy Corporation has a 1-year low of $79.83 and a 1-year high of $129.32. The company has a 50-day moving average of $92.49 and a 200 day moving average of $99.37.

Chord Energy (NASDAQ:CHRD) last issued its earnings results on Tuesday, November 4th. The company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.24 by $0.11. The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.02 billion. Chord Energy had a net margin of 3.31% and a return on equity of 8.27%. The company’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period last year, the company posted $3.40 earnings per share. On average, research analysts expect that Chord Energy Corporation will post 15.59 EPS for the current year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Wednesday, November 19th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 5.3%. The ex-dividend date was Wednesday, November 19th. Chord Energy’s dividend payout ratio is currently 200.00%.

Insider Activity

In other news, Director Samantha Holroyd purchased 1,250 shares of the business’s stock in a transaction dated Friday, November 7th. The shares were purchased at an average price of $85.50 per share, for a total transaction of $106,875.00. Following the completion of the purchase, the director owned 17,706 shares in the company, valued at approximately $1,513,863. This represents a 7.60% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.70% of the company’s stock.

Analysts Set New Price Targets

CHRD has been the topic of several recent research reports. Scotiabank assumed coverage on shares of Chord Energy in a research report on Friday, September 19th. They set a “sector perform” rating and a $120.00 target price on the stock. William Blair started coverage on Chord Energy in a research report on Friday, November 21st. They set an “outperform” rating on the stock. Mizuho dropped their target price on Chord Energy from $152.00 to $142.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Bank of America boosted their target price on Chord Energy from $112.00 to $123.00 and gave the company a “buy” rating in a research report on Wednesday, September 17th. Finally, Piper Sandler lowered their price target on Chord Energy from $167.00 to $165.00 and set an “overweight” rating for the company in a research report on Tuesday, November 18th. Eleven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Chord Energy has a consensus rating of “Moderate Buy” and a consensus target price of $137.69.

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.