HITE Hedge Asset Management LLC Cuts Position in Chord Energy Corporation $CHRD

HITE Hedge Asset Management LLC reduced its stake in Chord Energy Corporation (NASDAQ:CHRD) by 57.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 247,048 shares of the company’s stock after selling 328,338 shares during the period. Chord Energy accounts for about 1.5% of HITE Hedge Asset Management LLC’s holdings, making the stock its 20th biggest position. HITE Hedge Asset Management LLC owned 0.43% of Chord Energy worth $22,901,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC purchased a new position in Chord Energy in the fourth quarter valued at approximately $9,316,000. Brooklyn Investment Group increased its stake in Chord Energy by 61.3% in the fourth quarter. Brooklyn Investment Group now owns 6,278 shares of the company’s stock valued at $573,000 after purchasing an additional 2,387 shares during the last quarter. Index Technologies Group LLC purchased a new position in Chord Energy in the fourth quarter valued at approximately $358,000. Quantum Portfolio Management LLC purchased a new position in Chord Energy in the fourth quarter valued at approximately $582,000. Finally, Dimensional Fund Advisors LP increased 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 purchasing an additional 561,899 shares during the last quarter. 97.76% of the stock is currently owned by hedge funds and other institutional investors.

Chord Energy Stock Performance

Shares of CHRD opened at $135.34 on Friday. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18. The firm has a market cap of $7.62 billion, a PE ratio of -119.77 and a beta of 0.48. The company’s 50 day simple moving average is $138.46 and its 200-day simple moving average is $116.24. Chord Energy Corporation has a 12-month low of $84.25 and a 12-month high of $151.95.

Chord Energy (NASDAQ:CHRD) last announced its earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.51 by $1.05. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.21 billion. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The company’s revenue for the quarter was up 37.1% compared to the same quarter last year. During the same period last year, the firm posted $4.04 earnings per share. As a group, equities analysts predict that Chord Energy Corporation will post 20.53 EPS for the current year.

Chord Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Wednesday, May 20th were given a dividend of $1.30 per share. The ex-dividend date was Wednesday, May 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.8%. Chord Energy’s dividend payout ratio (DPR) is -460.18%.

Insider Buying and Selling

In other news, COO Darrin J. Henke sold 1,276 shares of the firm’s stock in a transaction that occurred on 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 directly owned 21,157 shares in the company, valued at approximately $3,088,287.29. This trade represents a 5.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Douglas E. Brooks sold 3,500 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $136.71, for a total transaction of $478,485.00. Following the transaction, the director owned 20,205 shares in the company, valued at approximately $2,762,225.55. This trade represents a 14.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 9,276 shares of company stock worth $1,285,968. Insiders own 0.79% of the company’s stock.

Wall Street Analysts Forecast Growth

CHRD has been the topic of several recent analyst reports. 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. Morgan Stanley increased their price target on shares of Chord Energy from $168.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Zacks Research lowered shares of Chord Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Williams Trading set a $189.00 price target on shares of Chord Energy in a research note on Monday, April 20th. Finally, Citigroup increased their price target on shares of Chord Energy from $120.00 to $155.00 and gave the company a “neutral” rating in a research note on Tuesday, March 31st. Ten research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $157.54.

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.