Chord Energy Corporation $CHRD Holdings Cut by Boothbay Fund Management LLC

Boothbay Fund Management LLC reduced its stake in shares of Chord Energy Corporation (NASDAQ:CHRD) by 25.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,108 shares of the company’s stock after selling 11,952 shares during the period. Boothbay Fund Management LLC owned 0.06% of Chord Energy worth $3,389,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CHRD. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Chord Energy by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,964 shares of the company’s stock valued at $13,973,000 after purchasing an additional 18,137 shares during the last quarter. Focus Partners Wealth purchased a new stake in shares of Chord Energy during the 1st quarter worth about $289,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Chord Energy by 91.2% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 411 shares of the company’s stock worth $40,000 after purchasing an additional 196 shares in the last quarter. Allworth Financial LP raised its stake in shares of Chord Energy by 160.5% during the 2nd quarter. Allworth Financial LP now owns 659 shares of the company’s stock worth $64,000 after purchasing an additional 406 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Chord Energy by 42.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 4,168 shares of the company’s stock valued at $404,000 after buying an additional 1,247 shares during the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CHRD has been the topic of a number of research reports. William Blair initiated coverage on Chord Energy in a report on Friday, November 21st. They issued an “outperform” rating on the stock. Royal Bank Of Canada decreased their target price on shares of Chord Energy from $135.00 to $128.00 and set an “outperform” rating for the company in a research report on Tuesday, January 13th. Scotiabank restated a “sector perform” rating and set a $114.00 price target on shares of Chord Energy in a research note on Friday, January 16th. Wells Fargo & Company raised their price target on shares of Chord Energy from $109.00 to $136.00 and gave the company an “overweight” rating in a report on Monday. Finally, Jefferies Financial Group set a $99.00 price objective on shares of Chord Energy in a research note on Saturday, January 17th. Eight research 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $131.27.

Chord Energy Stock Up 2.4%

Shares of Chord Energy stock opened at $126.37 on Tuesday. Chord Energy Corporation has a 12-month low of $79.83 and a 12-month high of $127.56. The company has a quick ratio of 0.98, a current ratio of 1.06 and a debt-to-equity ratio of 0.18. The stock has a 50 day moving average price of $103.11 and a two-hundred day moving average price of $98.25. The stock has a market capitalization of $7.18 billion, a P/E ratio of 200.59 and a beta of 0.84.

Chord Energy (NASDAQ:CHRD) last released its quarterly earnings results on Wednesday, February 25th. The company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.11. Chord Energy had a net margin of 0.91% and a return on equity of 6.71%. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the firm posted $3.49 earnings per share. The company’s quarterly revenue was down 19.6% compared to the same quarter last year. Equities analysts expect that Chord Energy Corporation will post 15.59 earnings per share for the current year.

Chord Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Thursday, March 12th will be issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Thursday, March 12th. Chord Energy’s dividend payout ratio is 825.40%.

Insiders Place Their Bets

In related news, CAO Lara J. Kroll sold 5,000 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $113.66, for a total transaction of $568,300.00. Following the completion of the sale, the chief accounting officer owned 8,921 shares in the company, valued at $1,013,960.86. This represents a 35.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Shannon Browning Kinney sold 1,801 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $114.36, for a total value of $205,962.36. Following the completion of the sale, the executive vice president directly owned 20,188 shares in the company, valued at $2,308,699.68. This trade represents a 8.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 23,927 shares of company stock valued at $2,912,028. 0.70% of the stock is owned by company insiders.

Chord Energy 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.