SummitTX Capital L.P. Takes Position in Chord Energy Corporation $CHRD

SummitTX Capital L.P. purchased a new position in shares of Chord Energy Corporation (NASDAQ:CHRD) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 7,448 shares of the company’s stock, valued at approximately $1,059,000.

Other hedge funds have also made changes to their positions in the company. Orion Porfolio Solutions LLC grew its stake in Chord Energy by 6,714.2% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 709,086 shares of the company’s stock worth $68,675,000 after buying an additional 698,680 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Chord Energy by 85.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,218,167 shares of the company’s stock valued at $112,927,000 after buying an additional 561,899 shares during the last quarter. AQR Capital Management LLC lifted its stake in Chord Energy by 210.5% in the second quarter. AQR Capital Management LLC now owns 734,225 shares of the company’s stock valued at $71,110,000 after buying an additional 497,789 shares during the last quarter. Jennison Associates LLC acquired a new position in shares of Chord Energy during the first quarter valued at $60,190,000. Finally, First Trust Advisors LP boosted its holdings in shares of Chord Energy by 98.2% during the first quarter. First Trust Advisors LP now owns 579,920 shares of the company’s stock valued at $82,453,000 after acquiring an additional 287,340 shares during the period. Institutional investors own 97.76% of the company’s stock.

Insider Activity

In other Chord Energy news, COO Darrin J. Henke sold 1,276 shares of the firm’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $145.97, for a total transaction of $186,257.72. Following the transaction, the chief operating officer owned 21,157 shares of the company’s stock, valued at approximately $3,088,287.29. This trade represents a 5.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Douglas E. Brooks sold 3,500 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $136.71, for a total transaction of $478,485.00. Following the sale, the director owned 20,205 shares in the company, valued at $2,762,225.55. This trade represents a 14.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 9,276 shares of company stock worth $1,285,968. 0.79% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CHRD has been the subject of several recent research reports. Morgan Stanley dropped their price objective on shares of Chord Energy from $175.00 to $169.00 and set an “overweight” rating on the stock in a report on Monday, June 29th. Truist Financial reduced their target price on shares of Chord Energy from $185.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Wall Street Zen lowered shares of Chord Energy from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 27th. UBS Group decreased their target price on shares of Chord Energy from $179.00 to $153.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Finally, Roth Capital restated a “buy” rating and issued a $145.00 price target on shares of Chord Energy in a research note on Wednesday, July 15th. Eleven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $152.38.

Chord Energy Trading Up 1.3%

Shares of CHRD stock opened at $138.25 on Friday. Chord Energy Corporation has a 1 year low of $84.25 and a 1 year high of $151.95. The firm has a market capitalization of $7.78 billion, a PE ratio of -122.35 and a beta of 0.49. The stock has a fifty day moving average of $128.33 and a two-hundred day moving average of $123.77. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.96 and a current ratio of 1.02.

Chord Energy (NASDAQ:CHRD) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 EPS for the quarter, beating analysts’ consensus estimates of $3.51 by $1.05. Chord Energy had a positive return on equity of 7.06% and a negative net margin of 1.25%.The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period last year, the company earned $4.04 earnings per share. The company’s quarterly revenue was up 37.1% compared to the same quarter last year. As a group, research analysts expect that Chord Energy Corporation will post 18.32 EPS for the current year.

Chord Energy Announces Dividend

The business 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 3.8%. The ex-dividend date was Wednesday, May 20th. Chord Energy’s dividend payout ratio is currently -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.