Wedge Capital Management L L P NC Trims Stock Holdings in Chord Energy Corporation $CHRD

Wedge Capital Management L L P NC reduced its position in Chord Energy Corporation (NASDAQ:CHRD) by 5.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 125,217 shares of the company’s stock after selling 6,530 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Chord Energy were worth $11,608,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Chord Energy by 17.1% in the 1st 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 position in Chord Energy during the 1st quarter worth $289,000. Cetera Investment Advisers grew its position in Chord Energy by 7.0% during the 2nd quarter. Cetera Investment Advisers now owns 18,530 shares of the company’s stock worth $1,795,000 after purchasing an additional 1,219 shares during the last quarter. Prudential Financial Inc. increased its stake in Chord Energy by 3.5% in the second quarter. Prudential Financial Inc. now owns 7,396 shares of the company’s stock valued at $716,000 after purchasing an additional 253 shares during the period. Finally, Quadrant Capital Group LLC raised its holdings in shares of Chord Energy by 38.5% in the second quarter. Quadrant Capital Group LLC now owns 9,480 shares of the company’s stock valued at $918,000 after buying an additional 2,637 shares during the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Chord Energy

In other Chord Energy news, CAO Lara J. Kroll sold 5,000 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $113.66, for a total value of $568,300.00. Following the completion of the transaction, the chief accounting officer directly owned 8,921 shares of the company’s stock, valued at approximately $1,013,960.86. This trade represents a 35.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael H. Lou sold 15,000 shares of Chord Energy stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $125.47, for a total transaction of $1,882,050.00. Following the sale, the executive vice president owned 82,699 shares of the company’s stock, valued at approximately $10,376,243.53. The trade was a 15.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 23,927 shares of company stock worth $2,912,028 in the last ninety days. Corporate insiders own 0.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CHRD shares. Weiss Ratings upgraded shares of Chord Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 17th. Wall Street Zen upgraded Chord Energy from a “sell” rating to a “hold” rating in a research report on Saturday. Piper Sandler upped their price objective on Chord Energy from $158.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Pickering Energy Partners cut Chord Energy from an “outperform” rating to a “neutral” rating in a research report on Friday, January 9th. Finally, Truist Financial initiated coverage on Chord Energy in a research note on Tuesday, March 24th. They issued a “buy” rating and a $169.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $138.92.

Chord Energy Trading Up 1.0%

NASDAQ:CHRD opened at $145.35 on Friday. The stock has a fifty day moving average price of $110.87 and a two-hundred day moving average price of $100.09. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of 230.71 and a beta of 0.84. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.98 and a current ratio of 1.06. Chord Energy Corporation has a 1 year low of $79.83 and a 1 year high of $146.93.

Chord Energy (NASDAQ:CHRD) last issued its earnings results on Wednesday, February 25th. The company reported $1.28 EPS for the quarter, topping the consensus estimate 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 period in the previous year, the firm earned $3.49 EPS. The business’s revenue was down 19.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Chord Energy Corporation will post 15.59 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Thursday, March 12th were paid a $1.30 dividend. The ex-dividend date was Thursday, March 12th. This represents a $5.20 annualized dividend and a dividend yield of 3.6%. Chord Energy’s dividend payout ratio (DPR) is 825.40%.

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.