Bank of New York Mellon Corp Sells 4,969 Shares of Chord Energy Corporation $CHRD

Bank of New York Mellon Corp cut its stake in shares of Chord Energy Corporation (NASDAQ:CHRD) by 0.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 615,816 shares of the company’s stock after selling 4,969 shares during the period. Bank of New York Mellon Corp owned about 1.09% of Chord Energy worth $87,557,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CHRD. Goehring & Rozencwajg Associates LLC bought a new position in Chord Energy in the first quarter valued at about $40,302,000. Sanctuary Advisors LLC increased its stake in shares of Chord Energy by 47.4% in the first quarter. Sanctuary Advisors LLC now owns 4,223 shares of the company’s stock valued at $600,000 after buying an additional 1,358 shares during the period. State of Michigan Retirement System increased its stake in shares of Chord Energy by 2.2% in the first quarter. State of Michigan Retirement System now owns 13,700 shares of the company’s stock valued at $1,948,000 after buying an additional 300 shares during the period. Teachers Retirement System of The State of Kentucky raised its holdings in Chord Energy by 7.7% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 36,609 shares of the company’s stock valued at $5,205,000 after buying an additional 2,620 shares during the last quarter. Finally, Seneca House Advisors boosted its position in Chord Energy by 10.0% during the 1st quarter. Seneca House Advisors now owns 36,393 shares of the company’s stock worth $5,174,000 after buying an additional 3,308 shares during the period. Institutional investors and hedge funds own 97.76% of the company’s stock.

Insider Transactions at Chord Energy

In other news, Director Douglas E. Brooks sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $138.57, for a total transaction of $207,855.00. Following the transaction, the director directly owned 18,705 shares of the company’s stock, valued at $2,591,951.85. This represents a 7.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Darrin J. Henke sold 1,276 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $145.97, for a total value of $186,257.72. Following the completion of the transaction, the chief operating officer owned 21,157 shares in the company, valued at approximately $3,088,287.29. This represents a 5.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 9,276 shares of company stock valued at $1,285,968 over the last ninety days. 0.79% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CHRD has been the subject of several recent research reports. Truist Financial decreased their price target on Chord Energy from $185.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Weiss Ratings reissued a “hold (c-)” rating on shares of Chord Energy in a research report on Friday, June 12th. Williams Trading set a $189.00 price target on shares of Chord Energy in a report on Monday, April 20th. Mizuho upped their price objective on shares of Chord Energy from $164.00 to $175.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, Citigroup lowered their target price on shares of Chord Energy from $155.00 to $130.00 and set a “neutral” rating for the company in a research note on Friday, July 10th. Eleven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $152.38.

Chord Energy Stock Up 4.2%

Shares of NASDAQ CHRD opened at $134.19 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.18. The firm has a market cap of $7.55 billion, a PE ratio of -118.75 and a beta of 0.49. The company’s fifty day simple moving average is $129.74 and its 200 day simple moving average is $121.60. Chord Energy Corporation has a 12-month low of $84.25 and a 12-month high of $151.95.

Chord Energy (NASDAQ:CHRD) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share for the quarter, beating the consensus estimate of $3.51 by $1.05. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the previous year, the firm posted $4.04 earnings per share. The business’s revenue was up 37.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Chord Energy Corporation will post 18.32 earnings per share for the current fiscal year.

Chord Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Wednesday, May 20th were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Wednesday, May 20th. Chord Energy’s payout ratio is presently -460.18%.

About Chord Energy

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.