Advisors Asset Management Inc. Raises Position in Chord Energy Corporation $CHRD

Advisors Asset Management Inc. increased its position in shares of Chord Energy Corporation (NASDAQ:CHRD) by 9.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 82,865 shares of the company’s stock after purchasing an additional 7,255 shares during the period. Advisors Asset Management Inc. owned approximately 0.14% of Chord Energy worth $8,234,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CHRD. Geode Capital Management LLC lifted its holdings in Chord Energy by 1.0% during the second quarter. Geode Capital Management LLC now owns 1,890,420 shares of the company’s stock valued at $183,112,000 after purchasing an additional 19,227 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Chord Energy by 15.5% during the 2nd quarter. American Century Companies Inc. now owns 1,337,079 shares of the company’s stock worth $129,496,000 after purchasing an additional 179,209 shares during the period. Sourcerock Group LLC raised its stake in shares of Chord Energy by 2.1% in the 2nd quarter. Sourcerock Group LLC now owns 1,031,973 shares of the company’s stock valued at $99,947,000 after acquiring an additional 20,916 shares during the period. Adage Capital Partners GP L.L.C. grew its stake in shares of Chord Energy by 22.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 990,381 shares of the company’s stock valued at $95,918,000 after buying an additional 180,000 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA acquired a new position in Chord Energy in the 3rd quarter valued at about $91,434,000. 97.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on CHRD. Zacks Research downgraded shares of Chord Energy from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 20th. Weiss Ratings restated a “hold (c-)” rating on shares of Chord Energy in a report on Wednesday, January 21st. William Blair initiated coverage on Chord Energy in a research note on Friday, November 21st. They issued an “outperform” rating for the company. UBS Group lowered their price objective on Chord Energy from $123.00 to $119.00 and set a “buy” rating for the company in a research report on Friday, January 9th. Finally, Citigroup cut shares of Chord Energy from a “buy” rating to a “neutral” rating and reduced their target price for the company from $105.00 to $97.00 in a report on Wednesday, January 14th. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $123.92.

Chord Energy Stock Performance

NASDAQ:CHRD opened at $104.16 on Thursday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.35 and a quick ratio of 1.28. The firm has a market cap of $5.92 billion, a price-to-earnings ratio of 40.06 and a beta of 0.92. The firm’s fifty day moving average price is $95.00 and its 200 day moving average price is $97.29. Chord Energy Corporation has a 1-year low of $79.83 and a 1-year high of $116.09.

Chord Energy Company Profile

Chord Energy Corporation (NASDAQ: CHRD), formerly known as Oasis Petroleum Inc, is an independent exploration and production company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Headquartered in Houston, Texas, Chord Energy emerged from financial restructuring in early 2021 and rebranded in October 2022 to reflect its renewed strategic vision.

The company’s core operations are concentrated in two prolific U.S. resource plays: the Williston Basin across North Dakota and Montana, and the Delaware Basin spanning parts of West Texas and southeastern New Mexico.